GIP Invests $500 M in BrightNight’s Innovative RE Solutions

Global Infrastructure Partners (GIP), together with its co-investors, announced that it has closed on a $500 million investment in renewable independent power producer (IPP) BrightNight.

BrightNight aims to provide next generation power solutions by combining multiple renewable energy technologies and thereby enabling its customers to accomplish deeper decarbonization of their generation portfolio. The company’s development pipeline utilizes hybridized solutions across the U.S. with a diverse set of resources, including solar and storage, as its center piece capability, states BrightNight.

GIP is making the investment through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II), part of its Credit platform, GIP Credit. The investment represents the fourth commitment made by GIP CAPS II. The CAPS strategy provides customized capital solutions for infrastructure projects and companies in GIP’s core sectors of power, renewables, energy transition, digital, midstream energy, transportation and water/waste, while leveraging GIP’s significant operating expertise.

The new capital facility provided by GIP’s investment is expected to allow BrightNight, as an IPP, to offer its customers a single point of service from development through operations.

James Amine, GIP Partner and member of GIP’s Executive Committee, said: “BrightNight’s philosophy to deliver innovative renewable power solutions aligns closely with our view of what is required to be successful in such high growth but increasingly competitive renewable power markets. The transaction is also in line with GIP’s firmwide strategy of investing in differentiated infrastructure platforms with high growth potential and strong management teams.”

Martin Hermann, CEO at BrightNight, added: “GIP’s support will enable us to rapidly deliver innovative power solutions like 24×7 structured products and dispatchable systems optimized to competitively replace non-renewable base-load generation.”

Milbank LLP provided legal counsel to GIP. PJT Partners acted as financial advisor to BrightNight. Taft Stettinius & Hollister LLP and Schulte Roth & Zabel LLP acted as legal counsel for BrightNight.