MN8 agrees deal to buy Greenbacker for up to $375mn

MN8 Energy Holdings has agreed to acquire Greenbacker Renewable Energy Company, a New York-based power producer, for consideration of up to $375mn, according to PE Hub. The transaction would add Greenbacker’s portfolio of operating and under-construction renewable energy assets across 22 states to MN8’s power platform.

MN8 is backed by Ridgewood Infrastructure and Mercuria Energy. The company, headquartered in New York, develops, owns and operates energy assets, and was originally separated from Goldman Sachs Asset Management’s renewable power group.

The planned acquisition would extend MN8’s US footprint by adding Greenbacker’s presence in the Midwest and Northeast, according to PE Hub. For infrastructure investors and corporate power buyers, the deal points to continued consolidation among renewable-energy operators seeking scale across development, financing, operations and asset management.

Deal structure and timing

The disclosed price is described as up to $375mn. PE Hub did not report further details on the consideration, financing mix or any conditions attached to the maximum amount.

In power-sector acquisitions, a buyer typically gains control of the target company or its asset-owning entities, bringing contracts, operating projects, projects under construction and development capabilities under one corporate platform. The reported transaction would combine MN8’s existing power business with Greenbacker’s renewable-energy fleet, subject to completion.

The companies expect the transaction to close in the fourth quarter of 2026, according to PE Hub. No regulatory approvals or other closing conditions were detailed in the report.

Management and advisers

Jon Yoder, MN8’s president and chief executive, is expected to remain president and chief executive of the combined company after the deal closes. Dan de Boer serves as Greenbacker’s chief executive.

Yoder said in a statement cited by PE Hub that the combination would bring together complementary platforms at a time of infrastructure expansion in the US. He said MN8 had been built as an institutional-grade, vertically integrated operator with development, financing and asset-management capabilities for enterprise customers.

J.P. Morgan Securities LLC is acting as financial adviser to MN8, while Vinson & Elkins LLP is serving as its legal adviser. Morgan Stanley & Co. LLC and Wells Fargo are financial advisers to Greenbacker, with Freshfields US LLP acting as legal adviser.

The transaction adds to private-capital activity in the energy and power sector, where sponsors and strategic operators have sought larger platforms to manage renewable-energy assets across multiple regions. The reported deal would give MN8 a broader base of projects and operations, while Greenbacker would become part of a platform backed by infrastructure and energy investors.

This story draws on original reporting from PE Hub.