Global Infrastructure Partners invests US$ 500m in BrightNight to fund project development
- Global Infrastructure Partners (GIP) along with co-investors has closed on a US$ 500 million financial investment in independent power manufacturer (IPP) BrightNight LLC to fund the business's development initiatives along with the building and construction and procedures of its projects.
The financial investment in BrightNight consisted of a Letter of Credit center that will make certain "dedicated capacity for BrightNight to issue Letters of Credit as needed to even more the development, building, and operations of its project pipe," GIP stated in a news releases.
BrightNight's growth pipe uses hybridised solar-plus-storage remedies throughout the US and also GIP stated the new capital injection would certainly "allow BrightNight, as an IPP, to use its customers a single point of service from development via operations".
" GIP's assistance will enable us to swiftly supply cutting-edge power services like 24 × 7 structured products and also dispatchable systems optimized to competitively change non-renewable baseload generation," claimed Martin Hermann, BrightNight CEO.
GIP made the financial investment through its Capital Solutions Fund II (GIP CAPS II), part of its Credit platform, GIP Credit, which provides customised capital solutions for infrastructure projects and companies in GIP's core sectors.
James Amine, GIP partner and also participant of GIP's executive committee, claimed the financial investment would "enable BrightNight to understand its ambitious advancement initiatives in the United States" as well as was "additionally according to GIP's firmwide technique of purchasing distinguished infrastructure platforms with high growth capacity and also strong administration teams."
Milbank LLP offered legal guidance to GIP. PJT Partners functioned as economic consultant to BrightNight. Taft Stettinius & Hollister LLP and also Schulte Roth & Zabel LLP served as lawful advise for BrightNight.
