MN8 Energy has agreed to acquire Greenbacker Renewable Energy in a cash-and-equity transaction valued at up to $375 million, including $350 million at closing and up to $25 million in milestone-based payments. The transaction is expected to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals. Greenbacker owns an approximately 1.9 GW fleet of operating and under construction renewable energy assets.
Upon acquisition, the merged platform will have over 6 GW of operating and under-construction renewable energy capacity across 33 US states. Furthermore, the merged platform will also have a 9.3 GW funded development pipeline, with approximately 94 per cent of its capacity under long-term contracts and an average solar power purchase agreement tenor of 14 years.
In June 2026, MN8 Energy commissioned two utility-scale solar projects totaling 260 MWac of capacity. These projects have long-term power purchase agreements (PPAs) with Microsoft. The projects include the 120 MW Long Point solar project in Texas and the 140 MW American Beech project in North Carolina. The Long Point project supplies renewable power to ERCOT’s Houston load zone, while American Beech supplies renewable power into the PJM market.