MN8 Energy, a renewable independent power producer in the United States, closed an upsizing and extension of its corporate credit facility. The facility has been increased to $650 million from $350 million, and its maturity has been extended to the third quarter of 2030 from the first quarter of 2028.
The upsized facility provides up to $550 million of revolving borrowing capacity and an additional $100 million of new capacity for performance letters of credit to support development-stage requirements such as power purchase agreement and interconnection security deposits. The facility also includes a $300 million accordion feature, providing the flexibility to add loan capacity to scale alongside the continued growth of MN8’s portfolio.
“This transaction reflects the strength of MN8’s contracted power generation platform and the continued engagement of our financing partners as we scale to meet unprecedented demand growth across the U.S. power sector,” David Callen, chief financial officer of MN8 Energy, said. “Nearly doubling the size of our corporate credit facility while extending its tenor — and doing so with broad participation from a top-tier group of financial institutions — gives us the capital flexibility, liquidity and credit support we need to continue executing on one of the most active development pipelines in the country and to deliver reliable, long-term power to America’s largest enterprise customers. We are grateful to our lender group for their continued support.”
Existing lenders to MN8’s prior facility participated in the upsized facility, with several increasing their commitments, and the lender group was further expanded through the addition of new participants.
J.P. Morgan led the syndication as lead arranger and bookrunner, with Wells Fargo serving as joint lead arranger. Bank of America, Societe Generale, MUFG and Crédit Agricole CIB acted as co-syndication agents.
Proceeds from the facility will be used for general corporate purposes, including funding MN8’s continued growth investments and providing letters of credit to support the development of new generation and storage capacity. The facility positions MN8 to meet the growing demand for electricity across the U.S. economy.
