Global Infrastructure Partners invests US$500m in BrightNight to fund project development

BrightNight will use the investment to aid its development efforts and support the construction and operations of its projects. Image: Pittsburgh International Airport.

Global Infrastructure Partners (GIP) alongside co-investors has closed on a US$500 million investment in independent power producer (IPP) BrightNight LLC to fund the company’s development efforts as well as the construction and operations of its projects.

The investment in BrightNight included a Letter of Credit facility that will ensure “committed capacity for BrightNight to issue Letters of Credit as necessary to further the development, construction, and operations of its project pipeline,” GIP said in a media release.

BrightNight’s development pipeline employs hybridised solar-plus-storage solutions across the US and GIP said the new capital injection would “allow BrightNight, as an IPP, to offer its customers a single point of service from development through operations”.

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

GIP made the 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 member of GIP’s executive committee, said the investment would “enable BrightNight to realise its ambitious development efforts in the US” and was “also in line with GIP’s firmwide strategy of investing in differentiated infrastructure platforms with high growth potential and strong management teams.”

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.