![Created with the spin-off of Goldman Sachs Renewable Power in 2022, MN8 has raised funds to accelerate its expansion in US solar, storage and EV business. (Illustrative Photo; Photo Credit: Roschetzky Photography/Shutterstock.com)](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2024%2F04%2FPresentation1-2.jpg?w=480&auto=format%2Ccompress&fit=max)
US-headquartered solar and energy storage company MN8 Energy LLC, a spin-off of Goldman Sachs, has closed its private placement, raising $325 million in gross proceeds to fund its expanded operations and growth.
The company raised the proceeds from the issuance and sale of shares of its convertible preferred stock. For MN8, these investments provide it with capital to scale its growth, engineer innovative solutions for its clients, says MN8 Energy President and CEO Jon Yoder.
An independent power producer, MN8's current portfolio comprises over 875 solar projects with a combined 3.2 GW capacity across 28 US states, along with more than 270 MW of battery storage projects. It is also active in providing electric vehicle (EV) charging solutions.
The proceeds comprise a $200 million investment by independent energy and commodity group Mercuria Energy. Infrastructure investor Ridgewood Infrastructure has pitched in with another $125 million.
While Mercuria takes a seat on MN8's Board of Directors, Ridgewood gets an observer seat with their respective investments.
Additionally, MN8 and Mercuria have announced a strategic collaboration to identify commercial opportunities to advance more sustainable, affordable and reliable energy systems for the future.
Goldman Sachs Asset Management created MN8 as an independent company in June 2022 by separating Goldman Sachs Renewable Power LLC (GSRP) from the group. The newly formed MN8 started off with the purchase of 14 solar projects in the US from the Australian company New Energy Solar Limited in August 2022 (see North America PV News Snippets).