R.Power Secures $40 Million Financing for 68 MW Solar Project Portfolio in Portugal

MN8 Energy, an independent renewable energy power producer, closed $612 million in construction bridge financing with Natixis Corporate & Investment Banking acting as the sole bookrunner and administrative agent for this financing. The debt financing will support the development and construction of three solar projects with a total capacity of 517 MWdc across North Carolina, Kentucky, and Illinois.

The debt financing consists of a construction bridge facility, including a tax-credit-transferability-linked bridge loan and a letter of credit facility. The financing structure provides MN8 optionality to refinance the loan in the U.S. Private Placement market, a growing source of long-term debt for renewable energy projects.

Currently, the projects are under construction at various stages of development and are expected to reach commercial operations by the end of 2025.

The company did not mention further details of the projects supported under the financing.

“This $612 million construction bridge financing package demonstrates the strength of our development pipeline and represents a significant milestone in bringing these three solar projects to fruition,” said Jon Yoder, President and CEO of MN8 Energy. “We value Natixis’ partnership in structuring an innovative financing solution that continues our mission to bring decarbonization solutions to enterprise customers while supporting our continued growth as a leading independent power producer in the U.S.”

Last year, in April, MN8 Energy 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 company has approximately 4 GW of solar projects in operations and under construction and 1.1 GWh of battery energy storage systems across 28 states in the U.S.

According to Mercom’s Annual and Q4 2024 Solar Funding and M&A report, large-scale project funding deals in 2024 totaled $53.8 billion in 259 deals, up from $44.5 billion raised in 229 deals in 2023.

This week, Invenergy, a solar, wind, and energy storage project developer, announced closing $1.1 billion in debt financing to support the development and construction of three utility-scale solar projects totaling 590 MW in Ohio, Indiana, and Tennessee. The debt financing comprises a construction/bridge loan facility and a letter of credit facility.


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