BrightNight Announces Corporate Credit To Achieve 31 GW RE Portfolio

BrightNight Announces $375 million Corporate Credit Line For RE portfolio

By Chitrika Grover/ Updated On Fri, Jan 5th, 2024

Highlights :

BrightNight announced $375 Million Corporate Credit Facility to Accelerate Development of its 31 GW U.S. Renewable Power Portfolio.

BrightNight Announces $375 million Corporate Credit Line For RE portfolio

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BrightNight, a global renewable power producer has announced the closing of a $375 million corporate credit facility. It said that this would help it accelerate development of its 31 GW U.S. Renewable Power Portfolio.

This significant financial milestone underscores the company’s commitment to advancing renewable energy solutions that are safe, reliable, affordable, and clean. The corporate credit facility will provide BrightNight with the necessary capital to execute on its U.S. project portfolio which includes solar, energy storage, and integrated technologies providing value-add renewable power solutions for its customers.

This funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan in alignment with Green Loan principles. “We are extremely pleased to announce the successful raise of this $375 million credit facility, a first for BrightNight,” Chief Executive Officer (CEO) Martin Hermann said. “This funding is more than just capital; it represents an important step in BrightNight’s growth. It enables us to accelerate our projects, procure equipment at attractive terms, and deliver clean renewable power for our customers.”

ING, Natixis Corporate & Investment Bank (CIB), and Sumitomo Mitsui Banking Corporation (SMBC) are the Coordinating Lead Arrangers and Green Loan Coordinators on the transaction. HSBC is one of the joint lead arranger and administrative agent. Latham and Watkins and PEI represented BrightNight in the transaction.

Access to financing has become notably easier in recent months, as institutions and governments double down on commitments to achieve higher renewable installations. With a well diversified portfolio, BrightNight should find it easier than most to tap funding opportunities, with the firm well on its way to do that.