MN8 Energy emerged as a potential buyer for Greenbacker Renewable Energy Company (GREC), said sources familiar with the situation.

GREC hired Morgan Stanley and Wells Fargo to explore strategic alternatives last year and later acknowledged the advisory mandates in 3Q25 earnings press release on December 5, 2025. Greenbacker said the bankers were hired as part of a review of strategic alternatives designed to support positive outcomes for shareholders and long-term growth for the company.

In its 2025 Form 10-K earnings report published on March 9, Greenbacker widened the lens on its review.

“The Board of Directors is evaluating a range of potential strategic alternatives, which may include, among other things, continuing to execute on our business plan, operational changes, partnerships or joint ventures, equity or equity‑linked offerings, debt financings or new credit facilities, strategic investments, asset sales or other monetizations, a business combination or other acquisition of the Company, divestitures, or other transactions.”

MN8 Energy and Greenbacker declined to comment on the situation.

MN8 has been somewhat acquisitive and diversified across the clean energy spectrum since spinning out of Goldman Sachs in 2022, while Greenbacker also itself has a diversified asset mix.

Greenbacker has been selling down its community solar-and-storage projects and securing financing and tax equity for its Cider Solar project in upstate New York. More recently, it announced that it closed over USD 400m in portfolio refinancing with respect to both its utility-scale and distributed generation assets.

In its Form 10-K, GREC listed 1,335.8 MW of operating assets spread amongst solar, wind and storage and 1,363 MW of pre-operating assets across solar and storage.

GREC also has a unique corporate structure as it also owns an asset manager, Greenbacker Capital Management LLC, which itself owns a 75% interest in third party management business GDEV.

MN8 Energy

After spinning out of Goldman Sachs in 2022, MN8 Energy also closed a USD 325m private placement with Mercuria and Ridgewood Infrastructure in April 2024. The company has since acquired de-risked projects, while also dipping early into EV investing and growing its pipeline.

NPM Interconnection queue data tracks 13 pre-operational projects, of which multiple projects, all 20 MW solar projects in Pennsylvania reached an advanced stage in the months leading up to January 2025.

MN8’s acquisition activity in recent years includes 14 projects acquired from New Energy Solar for USD 224m in August 2022 and a partnership with ChargePoint and Mercedes-Benz to develop a North American EV charging network in January 2023. In that same month, the company also exercised its purchase option to acquire more than a 50% stake in a 200 MWdc Mount Signal 2 (MS2) from US Solar Fund for USD 52.2m

In August 2024, MN8 agreed to purchase the 101 MWdc Bluegrass farm from Vitol Holding BV, then in February 2025, acquired the Pome battery energy storage project from Eolus Vind for USD 235m.