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MN8 Energy to Buy Greenbacker Renewable Energy for $375 Million

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MN8 Energy Holdings, owner and operator of energy assets for enterprise customers with 4.3 gigawatts of assets in 29 US states, will buy Greenbacker Renewable Energy, an independent power producer with 1.9 GW of operating and pipeline projects for $375 million, the companies said on Wednesday.

The cash-and-equity deal will occur through a $350 million payment upon closing and $25 million in potential cash payments based on achievement of specified commercial milestones.

The merger will bring together two complementary platforms offering scale, diversification and expertise, they said in a joint statement.

On closure, the combined company will be one of the three largest clean power platforms in the US, with more than 6 GW of operating and under-construction capacity in 33 states, much of which has been contracted.

The deal has been unanimously approved by the boards of both companies, the statement said and is subject to customary regulatory clearances.

Greenbacker shareholders will receive $1.712 per share, payable on closure in cash and equity in MN7 and a pro rata share of up to $25 million in contingent cash payments if commercial milestones are achieved.

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