MN8 Energy, a U.S.-based renewable independent power producer, has closed an upsizing and extension of its corporate credit facility to $650 million from $350 million.

The maturity of the facility has been extended from the first quarter of 2028 to the third quarter of 2030.

The upsized facility provides up to $550 million in revolving borrowing capacity and an additional $100 million in new capacity for performance letters of credit. MN8 said the letters of credit will support development-stage requirements, including power purchase agreements and interconnection security deposits. The facility also includes a $300 million accordion feature that allows MN8 to increase loan capacity as its portfolio grows.

MN8 said the transaction received strong demand. Existing lenders to the company’s prior facility participated in the upsized facility, with several increasing their commitments. The lender group also expanded with the addition of new participants.

J.P. Morgan led the syndication as lead arranger and bookrunner. Wells Fargo served as joint lead arranger. Bank of America, Société Générale, MUFG, and Crédit Agricole CIB acted as co-syndication agents.

MN8 said it will use the proceeds for general corporate purposes, including funding continued growth investments and providing letters of credit to support the development of new generation and storage capacity.

The company said the facility positions it to meet growing electricity demand across the U.S. economy, driven by data center buildouts, manufacturing investment, and broader electrification.

Previously, in February 2025, MN8 Energy closed $612 million in construction bridge financing with Natixis Corporate & Investment Banking to support the development and construction of three solar projects totaling 517 MW across North Carolina, Kentucky, and Illinois.

The company, headquartered in New York, has approximately 4 GW of operational and under-construction solar projects, 1.1 GWh of battery storage capacity, and over 100 high-power EV charging stations in the U.S., as per the release.

Announced debt financing in the solar sector came to $8.9 billion in the first quarter of 2026, 154% higher compared to $3.5 billion in Q1 2025, according to Mercom’s Q1 2026 Solar Funding and M&A report.