US developer/IPPs Lightshift and MN8 raise US$425 million for storage and solar

LinkedIn
Twitter
Reddit
Facebook
Email

Investments totalling US$425 million combined have been secured by US storage and solar developer-operators Lightshift Energy and MN8 Energy.

Storage developer and operator Lightshift Energy, until recently known as Delorean Power, has raised US$100 million from two separate sustainable infrastructure investment vehicles managed by Greenbacker Capital Management, split 80/20.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Lightshift said it has 20 battery energy storage system (BESS) projects contracted to-date and a total pipeline of over 4,000MW. To-date it has mainly deployed and projects in the 3-20MW range in the Northeastern and Southeastern regions of the US, a project size often called ‘distributed’ in the US market.

In November and October 2023 it announced four projects for Massachussetts municipal utilities: a 3MW/9MWh system for PMLD, two separate 2MW/9MWh projects for GELD and a 5MW/22MWh system for HMLD. Its first project was a 10.5MW/24.5MWh system in Virginia for Danville Utilities in 2022.

Alongside the utility play, a large part of the market opportunity in Massachusetts is around attaching BESS to community solar projects, a segment driven by the state’s SMART programme. Other developers active there include Agilitas Energy and BlueWave (Premium).

Greenbacker already invested US$20 million in Lightshift/Delorean back in 2021.

Goldman Sachs spinout MN8 Energy bags US$325 million for solar and storage

In concurrent news, solar and storage developer and operator MN8 Energy has secured a private placement of US$325 million through selling convertible preferred stock to two investment firms.

US$200 million of the investment came from Mercuria Energy Group while the remaining US$125 million came from Ridgewood Infrastructure. Mercuria will obtain one board seat as well as an observer seat on the MN8 board, while Ridgewood will have an observer seat.

Jon Yoder, president and CEO of MN8 Energy said: “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.”

MN8 was founded inside Goldman Sachs Asset Management as Goldman Sachs Renewable Power in 2017. In 2022 it was spun out into a separate, independently-owned company called MN8 with around 100 employees moving to the new entity.

MN8 said it has 3.2GW of solar PV projects spread across 875 projects in 28 states, an average project size of just over 3MW, and serves ‘enterprise customers’, implying it has a commercial and industrial (C&I) segment focus. However, it is in the grid-scale segment too, buying a stake in a 200MW California project in 2022, reported by our sister site PV Tech.

It also said it has 270MW of battery storage projects as well as EV charging solutions, though didn’t reveal how much of these are operational versus in development or deployment.

Read Next

July 3, 2025
Evolving market dynamics in ERCOT and CAISO, the two leading US electricity markets for battery storage, call for smart optimisation strategies, write Ali Karimian and Alden Phinney of GridBeyond.
July 2, 2025
Utility company Ameren Missouri has filed an application with the Missouri public service commission (PSC) to construct a natural gas and battery storage facility in the state.
July 2, 2025
Utility Ignitis Group has taken a final investment decision (FID) on three large-scale battery storage projects in Lithuania.
July 2, 2025
The Energy Security Corporation has officially launched in New South Wales, Australia, with an initial funding allocation of AU$1 billion.
July 1, 2025
US battery storage deployments could fall by 29% in 2026 due to ongoing policy uncertainty, according to Wood Mackenzie.

Most Popular

Email Newsletter