Investment round led by Mercuria Energy Group with participation from Ridgewood Infrastructure and supported by existing investors
April 01, 2024 08:29 AM Eastern Daylight TimeNEW YORK–(BUSINESS WIRE)–MN8 Energy LLC (“MN8” or “The Company”), one of the largest and most sophisticated independent renewable energy companies in the U.S., today announced the closing of its private placement (the “Private Placement”), with gross proceeds of $325 million from the issuance and sale of shares of the Company’s convertible preferred stock. The proceeds from the Private Placement will be used to fund the Company’s expanded operations and growth.
The $325 million Private Placement is comprised of a $200 million investment by Mercuria Energy Group, one of the world’s leading independent energy and commodity groups, and $125 million by Ridgewood Infrastructure, a leading infrastructure investor in the U.S. Stockholders can choose to convert their preferred stock into converted common stock at a future date. As part of the agreement, Mercuria will obtain one seat as well as an observer seat on MN8’s board of directors, Ridgewood will receive an observer seat.
“The closing of our private placement of convertible preferred equity securities is a strategic move aimed at securing capital for tangible and measurable growth,” said Jon Yoder, President and CEO of MN8 Energy. “Our agreements with Mercuria and Ridgewood provide us with the financial means and capital to scale our growth, engineer innovative solutions for our clients and deliver enhanced value to our shareholders.”
With the closing of this placement, MN8 and Mercuria have formed a strategic collaboration supporting the identification of commercial opportunities aimed at advancing more sustainable, affordable, and reliable energy systems for the future. The partnership is configured to draw upon MN8’s renewable energy capabilities and Mercuria’s expertise in energy markets.
Brian A. Falik, Mercuria’s Chief Investment Officer, said “We are thrilled to support the MN8 team with this strategic investment that will enable MN8 to continue delivering on its growth plans. This transaction is consistent with Mercuria’s strategy of investing in best-in-class management teams who can leverage our energy market capabilities.”
Cautionary Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements.” Forward-looking statements are statements other than statements of historical fact. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by the use of words such as “will”, “aim”, “future”, and variations of these words or similar expressions (or the negative versions of such words or expressions). Although we believe the expectations reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time.
We caution you not to place undue reliance on our forward-looking statements that speak only as of the date of this press release, and we undertake no obligation to update any of the information provided in this release, except as required by applicable law. In addition, this press release contains information that reflects management’s best judgment only as of the date of this news release.
About MN8 Energy LLC
MN8 Energy serves enterprise customers on their journey to an electrified, decarbonized world by providing renewable energy and related services. With a more than 3.2 gigawatt solar fleet comprised of over 875 projects across 28 states, over 270 megawatts of battery storage projects, and EV charging solutions, MN8 is one of the largest and most sophisticated independent solar energy and energy storage power producers in the U.S.
About Mercuria Energy Group
Established in 2004, Mercuria is one of the world’s largest independent energy and commodity groups, bringing efficiency to the commodity value chain with technology, expertise, and low-carbon solutions. The company established itself as a leader in the energy transition by pledging more than 50 percent of new investments toward renewables and transitional energy. The Group has made significant investments in projects such as renewable power, energy storage, grid optimization, critical transition minerals recycling and environmental products.
About Ridgewood Infrastructure
Ridgewood Infrastructure is a leading infrastructure investor in the U.S. lower middle market with sectors of focus including Water, Energy Transition, Transportation, and Utilities. For more information, visit www.ridgewoodinfrastructure.com.
Contacts
MN8 Energy
Candice Adams
Head of Communications, MN8 Energy
[email protected]
+1-332-345-2243
Mercuria Energy Group
Matthew Lauer
Global Head of Strategy and Communication
[email protected]
+41 22 595 88 55
Ridgewood Infrastructure
Sam Lissner
Principal
[email protected]