MN8 to Buy Greenbacker in Deal That Creates a Top-Tier U.S. Clean Power Platform

MN8 Energy Holdings LLC has agreed to acquire Greenbacker Renewable Energy Company LLC in a cash-and-equity transaction valued at up to $375 million, expanding its clean energy operations across 33 states.

Under the agreement, Greenbacker shareholders will receive consideration valued at roughly $1.71 per share at closing, consisting of $350 million in total upfront cash and MN8 equity. Shareholders can also receive up to $25 million in contingent cash payments—or about $0.12 per share—tied to specific commercial milestones.

The acquisition places the combined company among the top three U.S. clean power platforms, boasting more than six gigawatts of operating and under-construction capacity. The deal extends MN8’s footprint into the Midwest and Northeast while diversifying its portfolio to include wind generation alongside existing solar, battery storage, and distributed generation assets.

“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,” said Jon Yoder, president and CEO of MN8.

Yoder will continue to lead the combined platform following completion of the deal. Dan de Boer, CEO of Greenbacker, noted that the transaction allows shareholders “to participate in a combined platform built to grow.”

The transaction is expected to close in the fourth quarter of 2026.

J.P. Morgan Securities LLC is serving as financial advisor and Vinson & Elkins LLP is serving as legal advisor to MN8. Morgan Stanley & Co. LLC and Wells Fargo are serving as financial advisors and Freshfields US LLP is serving as legal advisor to Greenbacker.