BrightNight Announces $375 Million Corporate Credit Facility to Accelerate Development of Its ~31 GW U.S. Renewable Power Portfolio

WEST PALM BEACH, Fla., Jan. 4, 2024 /PRNewswire/ -- BrightNight, the next generation and global renewable power producer built to deliver clean and dispatchable solutions, today announced the successful closing of a $375 million corporate credit facility. 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," 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 CIB, and SMBC are the Coordinating Lead Arrangers and Green Loan Coordinators on the transaction. HSBC is a Joint Lead Arranger and Administrative Agent.

Latham and Watkins and PEI represented BrightNight in the transaction. Norton Rose Fulbright served as the Lender Counsel.

"I want to thank our supporting banks and advisors for their hard work and support in closing this facility," CFO Brian Boland said. "The quality of the bank group and final terms are a testament to the strength of our portfolio and differentiated approach to the development of renewable power projects."

ABOUT BRIGHTNIGHT

BrightNight is the first global renewable integrated power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. and Asia Pacific to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to overcome challenging energy sustainability standards, rapidly changing grid dynamics, and the transition away from fossil fuel generation. To learn more, visit: www.brightnightpower.com 

SOURCE BrightNight