MN8 Energy closes $575m secured notes offering
Natixis played multiple roles, including those of lead placement agent, ratings advisor and green issuance coordinator, for this transaction.
The financing is supported by MN8 Portfolio IV which includes 972MW of distributed generation, utility-scale photovoltaic solar projects and a 75MW four-hour battery energy storage system (BESS).
MN8's Portfolio IV comprises 29 project sites across nine states and is managed internally by MN8.
MN8 Energy plans to allocate the net proceeds from this offering towards repaying existing project debt and funding distributions that will be reinvested within its wider portfolio.
The structured arrangement allows for delayed funding tranches that align with project completion milestones.
This financial planning facilitates full refinancing of the previously obtained $612m construction bridge financing for the company's' three solar plants totalling 517MW.
MN8 Energy chief financial officer David Callen stated: 'This $575m financing supports MN8's growth trajectory and underscores the strength of our diversified renewable energy platform.
'We're grateful to have Natixis and all our financing partners for their support on this transaction. Natixis' deep project finance expertise and their significant debt underwriting capabilities made them an ideal choice to lead this complex transaction. This financing provides us with the flexibility we need to efficiently fund our robust pipeline as we continue scaling our business.'
Natixis CIB DCM Americas co-head Anthony Ferraro stated: 'We are proud to have worked once again with MN8 on another landmark renewables deal.
'This successful collaboration highlights the strength of our partnership with MN8 as well as Natixis CIB's market-leading infrastructure finance franchise with comprehensive solutions across project finance, rate hedging and debt capital markets.'
Additional banks involved include joint placement agents Société Générale and HSBC Bank USA, along with co-placement agents CIBC World Markets, MUFG Securities Americas and Texas Capital.
A letter of credit facility amounting to $145.7m was also provided by Natixis CIB alongside Société Générale and HSBC Bank USA.
In April 2024, MN8 Energy had secured a $325m private placement to support its expansion initiatives. This investment comprised $200m from Mercuria Energy Group and $125m from Ridgewood Infrastructure.
"MN8 Energy closes $575m secured notes offering" was originally created and published by Power Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
US refiners may see Q2 profit recover on stronger diesel margins
By Nicole Jao NEW YORK (Reuters) -Investors are expecting top U.S. refiners to report higher second-quarter profits, bouncing back from losses during the first three months of the year as unseasonably strong diesel margins boost earnings. Fuelmakers have reaped unexpected profits from producing key products in recent months, a respite after earnings slipped from record levels in 2022, when a recovery in demand following the COVID-19 pandemic and Russia's invasion of Ukraine lifted prices. Some forecasting groups had anticipated weaker margins this year as demand was expected to slow. While analysts expect a recovery from the previous quarter, profits are likely to be weaker than a year ago. "Refiners are up 20% year-to-date, with surprising counter-seasonal diesel crack strength supporting the group," said TD Cowen analyst Jason Gabelman. Product margins could potentially hold at elevated levels until autumn maintenance, Gabelman said. Diesel cracks averaged $17 per barrel during the second quarter, in line with the first quarter, but ended the three-month period higher at $21 per barrel, TPH & Co analyst Matthew Blair said in a note. U.S. distillate inventories reached five-year lows in early May thanks to strong exports and improving demand, which supported margins, Blair said. U.S. refinery distillate yields have also been low, likely due to a lighter crude slate. Valero, the second-largest U.S. refiner by capacity, is set to kick off refiner earnings on Thursday, with analysts forecasting a profit of $1.75 per share, down from $2.71 per share profit a year ago, according to data from LSEG. Marathon Petroleum, the top U.S. refiner by volume, is expected to report a per-share profit of $3.28, compared with a $4.12 per share profit a year ago, LSEG estimated. Phillips 66 is expected to report a profit of $1.69 per share, versus $2.31 per share profit a year ago, according to LSEG estimates. Both Marathon and Phillips 66 reported losses in the first quarter.
Yahoo
23 minutes ago
- Yahoo
DR Horton (DHI) Jumps 17% After Earnings Beat
We recently published . D.R. Horton, Inc. (NYSE:DHI) is one of Tuesday's top performers. DR Horton grew its share prices by 16.98 percent on Tuesday to close at $153.5 apiece after beating its earnings guidance for the third quarter of fiscal year 2025. In its earnings release, D.R. Horton, Inc. (NYSE:DHI) said revenues during the period settled at $9.22 billion, lower than the $9.96 billion registered in the same period last year, but were well above analyst consensus. Meanwhile, attributable net income dropped by 24 percent to $1.02 billion from $1.35 billion year-on-year. Commenting on the company's performance, D.R. Horton, Inc. (NYSE:DHI) Executive Chairman David Auld said that new home demand continued to be impacted by ongoing affordability constraints and cautious consumer sentiment. A construction site of a multi-family residential complex, a modern urban skyline in the background. He said he expected sales incentives to remain elevated in the fourth quarter of the year. That said, D.R. Horton, Inc. (NYSE:DHI) lowered the high-end range of its full-year revenue guidance for the fourth quarter to $34.2 billion from $34.8 billion previously, with homes closed now expected to settle at only 85,000 versus the 87,000 prior. While we acknowledge the potential of DHI as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the . Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
- Yahoo
530,000-square-foot industrial complex coming to this Pierce County property
A developer of industrial sites has announced plans for recently acquired parcels near Frederickson Town Center. In May, The News Tribune reported the acquisition of nearly 41 acres in the Frederickson area by Dermody of Reno, Nevada. Dermody is involved in e-commerce, logistics and industrial real-estate acquisition, development and investment management, according to its website. In a release Wednesday, Dermody outlined plans for a multi-building industrial center, complete with a new name. 'The fully entitled site will become LogistiCenter at Frederickson, housing two buildings – Building A and B — as well as a trailer lot,' the release stated. 'Building A will be a 443,420-square-foot facility, and Building B is 91,728 SF. The trailer lot will be 3+ acres.' It added, 'Both buildings have broken ground, with delivery anticipated in the second quarter of 2026.' Dermody acquired the site in May for $45.5 million from an LLC affiliated with Pallis Properties of Mercer Island. Pallis also developed the Frederickson Town Center retail site south of the industrial property. Plans had envisioned what was then called the Canyon Point Industrial Center at the now-Dermody LogistiCenter site. The news comes in the same week that The News Tribune reported that FRED310, a planned six-building industrial/warehouse complex also in the Frederickson area, sold its Building D to international real-estate investment firm BentallGreenOak (BGO) for $176 million. Dermody's Northwest region spans five states. It has concentrated its work in the Seattle and Portland regions. 'The Tacoma-Fife submarket is one of the most sought-after submarkets in the region due to its proximity to skilled labor, a large consumer base and access to the Ports of Seattle and Tacoma,' said Ben Seeger, Northwest Region Partner at Dermody in the release. 'There is limited land available for development in this area and this was the best located developable land site of scale left in Frederickson, with great proximity to the major transportation networks in the region.' Leasing brokers for the Dermody project are CBRE's Andrew Hitchcock, executive vice president; Andrew Stark, executive vice president and Zac Snedeker, senior vice president. Previous reporting from The News Tribune contributed to this report.