MN8 Energy, an independent renewable energy power producer, announced the closing of its private placement, raising $325 million through the issuance and sale of shares of the company’s convertible preferred stock. The funds obtained from this private placement will be allocated towards supporting the company’s expanded operations and facilitating growth.
The $325 million private placement comprises a $200 million investment from Mercuria Energy Group, an independent energy and commodity group, and $125 million from Ridgewood Infrastructure, an infrastructure investor. Shareholders have the option to convert their preferred stock into common stock at a future date. As part of the agreement, Mercuria will secure one seat as well as an observer seat on MN8’s board of directors, while Ridgewood will receive an observer seat.
MN8 Energy has more than 3.2 GW of solar fleet, comprising over 875 projects across 28 states, along with over 270 MW of battery storage projects and electric vehicle charging solutions.
“The closing of our private placement of convertible preferred equity securities is a strategic move aimed at securing capital for tangible and measurable growth,” said Jon Yoder, President and CEO of MN8 Energy. “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.”
According to Mercom’s Q4 and Annual Global Solar Funding and M&A Report, Public market financing in 2023 totaled $7.4 billion, 45% higher than the $5.1 billion in 2022.
Last Year, Otovo, a Norway-based residential solar installer, raised NOK 450 million (~$41 million) capital raise led by existing investors Å Energi, Axel Johnson Group, and Nysnø (The Norwegian Government Climate Investment Fund).
