Global Infrastructure Partners (GIP) and co-investors closed on a $500 million investment in independent power producer BrightNight, LLC, a Florida-based solar and energy storage developer. The investment includes preferred equity and a letter of credit facility.
GIP made the investment through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II).
The preferred equity will fund BrightNight’s development efforts and meet equity funding needs during project construction and operation. The letter of credit will offer committed capacity for BrightNight to further its project development and construction pipeline, as well as ongoing plant operations.
The company has a development portfolio in India, as well as a project pipeline in 14 U.S. states.
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.
In a separate deal, GIP made a $%175 million senior secured term loan investment in Group Energy Gas Panama S de RL, to finance the acquisition and construction of Generadora de Gatun, a 670 MW natural gas cogeneration power plant to be constructed in Colon, Panama.
As with the BrightNight deal, GIP is making the investment through GIP CAPS II.
Group Energy Gas Panama is a joint venture between InterEnergy and AES Corp. Proceeds, along with funds from senior debt at the Gatun level and equity contributed by the sponsors, will be used to fund more than $1.0 billion of estimated project acquisition and construction costs.
InterEnergy has been developing power projects in the Caribbean and Latin America for over 30 years and is the third largest power generation company in Panama. AES has been in Panama since 1999 and currently owns and operates over 1,100 MW through three subsidiaries, AES Panamá, AES Changuinola and AES Colon.