MN8 Energy, a power platform developing, owning, and operating energy assets, has entered into a definitive agreement to acquire independent power producer Greenbacker Renewable Energy Company in a cash-and-equity transaction valued at up to approximately $375 million.

MN8 will pay $350 million at closing, with up to $25 million in additional cash payments contingent on Greenbacker achieving specified commercial milestones.

MN8 has more than 4.3 GW of operating and under-construction renewable energy capacity across 29 states. Greenbacker owns approximately 1.9 GW of operating and under-construction renewable energy assets across 22 states.

Following the transaction, the combined company will have more than 6 GW of operating and under-construction capacity across 33 states. The acquisition will add Greenbacker’s wind, battery storage, distributed generation, and utility-scale solar assets to MN8’s portfolio. It will also expand MN8’s presence in the Midwest and Northeast.

The companies said approximately 94% of the combined capacity is under contract. The portfolio has a weighted average solar power purchase agreement term of approximately 14 years and a funded development pipeline of about 9.3 GW.

MN8 plans to extend its project development, engineering, asset management, and in-house operations and maintenance across the combined fleet, driving cost efficiency and asset performance at scale.

The boards of directors of MN8 and Greenbacker unanimously approved the transaction. The companies expect to complete the acquisition in the fourth quarter of 2026, subject to approval from Greenbacker shareholders and MN8 members, regulatory clearances, and other closing conditions.

MN8 President and Chief Executive Officer Jon Yoder will continue to lead the combined company after the transaction closes.

In May 2026, MN8 Energy closed an upsizing and extension of its corporate credit facility to $650 million from $350 million. The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030.

According to Mercom’s recently released Q1 2026 Solar Funding and M&A report, Corporate M&A activity in the solar sector was 47% higher YoY in the first quarter of 2026, with 28 corporate M&A transactions compared to 19 in Q1 2025.