MN8 Energy LLC, a leading independent player in the United States renewable energy sector, has finalised a $575mn (USD575mn) secured bond issue, structured by Natixis Corporate & Investment Banking (Natixis CIB). The transaction is intended to refinance part of the debt linked to its US solar portfolio, while also reinjecting liquidity into other group assets.
A large-scale solar and storage portfolio
The operation is backed by a set of projects called MN8 Portfolio IV, combining 972 MW of photovoltaic solar assets in distributed generation and utility-scale production, complemented by a 75 MW battery storage system with a four-hour duration. This portfolio, managed internally by MN8 Energy, covers 29 sites across nine US states, providing significant geographical diversification in the face of regional weather volatility.
The debt structure includes several delayed-draw tranches, linked to the achievement of project construction milestones. This flexibility, combined with tax equity contributions, should enable the full refinancing of the $612mn bridge financing obtained in December 2024 for three solar plants totalling 517 MW.
International banking support and growth outlook
Natixis Corporate & Investment Banking, acting as lead placement agent, green issuance coordinator, and ratings advisor, led the transaction, supported by Société Générale, HSBC Bank USA, CIBC, MUFG Securities Americas Inc., and Texas Capital as joint placement agents or participants. A $145.7mn letter of credit facility supports the structure, provided by Natixis CIB, Société Générale and HSBC Bank USA, N.A.
David Callen, Chief Financial Officer of MN8 Energy, stated that this financing supports the group’s growth trajectory while providing the flexibility needed to pursue pipeline development. For his part, Anthony Ferraro, Co-Head of Debt Capital Markets Americas at Natixis CIB, highlighted the strength of the partnership with MN8 Energy and the bank’s ability to deliver comprehensive infrastructure finance solutions.
An evolving framework to support expansion
The bond documentation enables MN8 Energy to consider further bond placements as early as 2026 and 2027, depending on the gradual commissioning of new projects within the portfolio. This structure responds to the need to mobilise substantial capital in a sector where scale, diversification and access to advanced financial engineering are decisive competitiveness factors.
The extensive use of secured bonds to finance renewable assets has become a strategic lever in a rapidly changing North American energy market, where the ability to structure complex transactions determines the growth of independent operators.
