• The transaction will create a U.S. renewable energy platform with more than 6 GW of operating and construction-stage capacity across 33 states.
• MN8 will pay $350 million at closing, with up to $25 million linked to commercial milestones.
• The combined company expects about $501 million in run-rate adjusted EBITDA plus principal and interest, alongside annual cost savings of up to $20 million.

MN8 Energy has agreed to acquire Greenbacker Renewable Energy Company in a cash-and-equity transaction valued at up to $375 million.

The deal combines two large U.S. renewable power portfolios as electricity demand rises across data centers, artificial intelligence infrastructure and wider electrification markets.

MN8 will pay $350 million at closing. A further $25 million could be paid if the combined business meets specified commercial milestones.

Following completion, the company will hold more than 6 GW of operating and under-construction renewable capacity across 33 states. The expanded portfolio will include solar, wind, battery storage and distributed generation assets.

Data center demand reshapes power investment

The acquisition comes as U.S. power markets face accelerating demand from artificial intelligence and data center development.

Technology companies are seeking large volumes of reliable electricity, often supported by long-term contracts and renewable energy procurement commitments. Utilities and independent power producers must also invest in generation, transmission and storage capacity.

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

Greenbacker will broaden MN8’s presence in the Midwest and Northeast. It will also add wind generation and further diversify the company’s solar and battery storage portfolio.

The combined business expects about 94% of capacity to remain under contract. Its solar power purchase agreements have a weighted average remaining term of about 14 years.

A funded development pipeline of approximately 9.3 GW could support further expansion. Long-term contracts may also provide more predictable cash flows as power markets become more competitive.

Scale targets cost and financing efficiencies

MN8 plans to extend its vertically integrated operating model across Greenbacker’s assets. The model includes development, engineering, financing, asset management, operations and maintenance.

Management expects the enlarged company to generate approximately $501 million in run-rate adjusted EBITDA plus principal and interest. The figure includes $122 million from assets under construction and reflects Greenbacker asset sales completed in 2025.

The companies have identified up to $20 million in annual run-rate cost savings by the end of 2028.

Those savings are expected across procurement, selling and administrative expenses, financing, operations and maintenance, and engineering, procurement and construction.

A larger portfolio could also strengthen purchasing power, improve access to capital and spread operating costs across more assets. These factors are becoming increasingly important as financing costs and supply chain constraints affect renewable project economics.

Jon Yoder, President and CEO of MN8, stated: “This combination brings together two complementary platforms at a critical time. We have built MN8 to be an institutional-grade, vertically integrated operator with the development, financing, and asset management depth to serve the most demanding enterprise customers in the country. Together with Greenbacker, we will have the scale, diversification, and expertise to lead the next chapter of America’s infrastructure build-out.”

Dan de Boer, CEO of Greenbacker, stated: “Greenbacker was built to own and operate high-quality, contracted clean energy assets at institutional scale. This transaction is the next chapter of that story – one that gives our shareholders the opportunity to participate in a combined platform built to grow. MN8 brings exceptional capabilities, an experienced team, and the financial strength to execute on what this platform can become.”

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Shareholders and regulators must approve the deal

The boards of MN8 and Greenbacker unanimously approved the transaction. Closing is expected in the fourth quarter of 2026.

The deal remains subject to approval from Greenbacker shareholders, MN8 members and relevant regulators.

Greenbacker shareholders will receive consideration valued at approximately $1.712 per share. Payment will consist of cash, MN8 equity or a combination of both.

Shareholders may also receive a proportionate share of the additional $25 million milestone payment. That represents potential additional consideration of about $0.12 per share.

The total cash election is currently expected to be capped at $112.7 million. If shareholder cash elections exceed that amount, payments will be reduced proportionately and replaced with MN8 equity.

Yoder will remain president and chief executive of the combined company.

For executives and investors, the deal reflects a wider shift in U.S. power markets. Renewable platforms are consolidating to secure scale, contracted revenues and financing capacity.

The transaction also links clean energy investment more directly to the rapid expansion of digital infrastructure. As data center demand grows, developers with diversified assets and national reach may hold a stronger position in America’s next phase of power investment.