BrightNight has raised a corporate credit facility of $375 million to support the development of its 31 GW renewable energy portfolio in the US. This is the company's maiden credit facility.
This capacity comprises solar, energy storage and integrated technology projects for the renewable energy power producer. It said the proceeds provide it with necessary capital to execute its portfolio to accelerate their implementation.
Structured as a green loan, the transaction had ING, Natixis CIB and SMBC as coordinating lead arrangers, with HSBC as the joint lead arranger and administrative agent.
"This funding is more than just capital; it represents an important step in BrightNight's growth," said BrightNight CEO Martin Hermann. "It enables us to accelerate our projects, procure equipment at attractive terms, and deliver clean renewable power for our customers."
Apart from the US, BrightNight also has its operations in the Philippines, Australia, Bangladesh and India. The India business is led by Naveen Khandelwal (see US RE Company Announces New CEO For India Business).