02 Apr 2024

Goldman Sachs Spin-off MN8 Raises USD 325M to Pursue Growth

02 Apr 2024  by renewablesnow   

US independent solar power producer MN8 Energy LLC announced on Monday the closing of a USD-325-million (EUR 303m) private placement, the proceeds of which will allow the company to expand its operations.

MN8 said in a statement that it got a USD-200-million investment from Mercuria Energy Group and an additional one of USD 125 million from Ridgewood Infrastructure LLC. As a result, the former will receive one seat plus an observer seat on MN8’s board of directors, while Ridgewood will obtain just an observer seat.

Previously known as Goldman Sachs Renewable Power LLC (GSRP), MN8 was separated from Goldman Sachs Asset Management in 2022 to proceed as an independent company. Now, the firm has a solar fleet of more than 3.2 GW, including over 875 projects across 28 states, over 270 MW of battery storage projects, and EV charging solutions.

“Our agreements with Mercuria and Ridgewood provide us with the financial means and capital to scale our growth, engineer innovative solutions for our clients and deliver enhanced value to our shareholders,” said Jon Yoder, President and CEO of MN8 Energy.

Meanwhile, MN8 and Mercuria have also formed a strategic collaboration to identify commercial opportunities “aimed at advancing more sustainable, affordable, and reliable energy systems for the future.”


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