ACME Solar Holdings’ ₹29 Billion IPO to Hit the Market on November 6, 2024

Jodhpur DISCOM Tenders 333 MW Solar Projects Under PM KUSUM

CIE Automotive to Procure Power from ReNew’s 7.8 MW Captive Solar Project

John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-mainstream-financing-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>Mainstream Renewable Power, a solar and wind project developer, announced the financial </strong><a href="https://mercomcapital.com/mainstream-secures-financing-for-50-mw-solar-project-in-south-africa/" target="_blank" rel="noopener"><strong>closure</strong></a><strong> of its 50 MW Ilikwa solar project</strong> in the Free State province of South Africa. The financial details of the transaction remained undisclosed. Construction has already begun on the project, and commercial operation is expected in early 2026. Once fully operational, the solar project is expected to produce 141 GWh of clean electricity annually, enough to power over 42,000 households.</p>
<p><strong>Enerside, a Spain-based vertically integrated solar company, </strong><a href="https://mercomcapital.com/enerside-sells-5-mw-solar-project-portfolio-in-brazil/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of two Brazilian distributed-generation solar projects totaling 5 MW (6.6 MWp) to IVI ENERGIA</strong>, a Brazilian energy company owned by investment fund Brookfield Renovables. IVI ENERGIA acquired the projects at R$20.8 million (~$3.77 million), approximately €1.3 million/MW (~$235,936/MW) for the project in operation and €100,000/MW (~$18,148.9/MW) for the ready-to-build project.</p>
<p><strong>BrightNight, an independent renewable energy power producer, <a href="https://mercomcapital.com/brightnight-secures-tax-equity-financing-solar-project/" target="_blank" rel="noopener">announced</a> the financial closure of a $260 million tax-equity financing commitment</strong>, including deferred contributions, for the development of 300 MW Box Canyon solar project, jointly owned with Cordelio Power in Arizona.The project is expected to become operational in the first half of 2025.</p>
<p><strong>Aura Power, a Bristol-based renewable energy project developer, </strong><a href="https://mercomcapital.com/aura-power-secures-39-million-project-financing-for-kemble-solar-project/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> £30 million (~$39.28 million) in a project financing debt facility from Coöperatieve Rabobank</strong> to construct the 49.9 MW Kemble solar farm in the U.K. ib vogt will provide engineering, procurement, and construction services. Construction of the project is expected to begin in early 2025.</p>
<p><strong>Enel Colombia, a subsidiary of Enel Group, an Italian multinational manufacturer and distributor of electricity and gas, </strong><a href="https://mercomcapital.com/enel-secures-300-million-financing-from-european-investment-bank/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a term loan</strong> in Colombian pesos equivalent to $300 million from the European Investment Bank in partnership with SACE, the Italian insurance and financial group owned by Italy’s Ministry of Economy and Finance. The funding will be used to develop the Guayepo I and II solar PV plants, with approximately 486 MW of total capacity, and to improve and expand the Enel Colombia distribution business.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-sabanci-financing-solar-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: Mainstream Secures Financing for 50 MW Solar Project


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-battery-developer-ugowork-raises-51-million-funding/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>UgoWork, a provider of advanced energy storage solutions for material handling equipment, </strong><a href="https://mercomcapital.com/battery-developer-ugowork-raises-51-million-in-funding/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> $51 million in Series C funding. </strong>Fonds de solidarité FTQ led the round, which included participation from returning investors Investissement Québec and Export Development Canada. The round also included a new credit facility from Desjardins Technology &amp; Innovation Banking, bringing UgoWork’s total funding to $77 million.</p>
<p><strong>I Squared, an infrastructure investment manager, has </strong><a href="https://mercomcapital.com/i-squared-announces-acquisition-of-priority-power/" target="_blank" rel="noopener"><strong>agreed</strong></a><strong> to acquire Priority Power, an energy management service provider, through its ISQ Global Infrastructure Fund III</strong>. I Squared is acquiring Priority Power from Ara Partners Group, Oaktree Capital Management, and other shareholders. With this acquisition, I Squared’s investment will allow Priority Power to expand its reach across the U.S. and make additional investments in high-growth markets.</p>
<p><strong>Renewable energy solutions platform Fourth Partner Energy (FPEL) has <a href="https://www.mercomindia.com/fourth-partner-energy-secures-275-million-from-global-consortium" target="_blank" rel="noopener">secured</a></strong> <strong>an investment of $275 million</strong> from global impact investors IFC, ADB, and DEG. World Bank’s IFC is investing $125 million, while ADB is infusing $100 million and Germany’s DEG $50 million to complete this fundraising round.</p>
<p><strong>Adani Energy Solutions has </strong><a href="https://www.mercomindia.com/adani-energy-solutions-via-qip-route" target="_blank" rel="noopener"><strong>raised</strong></a><strong> ₹83.73 billion (~$1 billion) through a qualified institutional placement</strong>. The proceeds from the QIP will be used to invest in transmission assets, such as building bulk evacuation corridors for renewable power, the smart metering business, debt repayment, and general corporate purposes.</p>
<p><strong>BrightNight, an independent renewable power producer, has </strong><a href="https://www.mercomindia.com/goldman-sachs-alternatives-in-brightnight" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division</strong>. The company said the transaction is expected to close in September 2024. BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal &amp; Manges as legal counsel to Goldman Sachs Alternatives.</p>
<p><strong>India-based solar irrigation services company Oorja Development Solutions </strong><a href="https://www.mercomindia.com/oorja-raises-1-5-million-to-deploy-agri-energy-infrastructure" target="_blank" rel="noopener"><strong>closed</strong></a><strong> its Pre-Series A funding round, raising $1.5 million from six investors</strong>. The company plans to use the funding to deploy agri-energy infrastructure for irrigation and milling and deepen operations in the existing and new states. It also plans to launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://www.mercomindia.com/funding-and-ma-roundup-addionics-raises-39-million" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: Battery Developer UgoWork Raises $51 Million in Funding


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					</table><p><a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>, an independent renewable power producer, has secured a $440 million strategic investment from <a href="https://am.gs.com/en-us/advisors/products/alternative-investing" target="_blank" rel="noopener">Goldman Sachs Alternatives</a>&#8216; Infrastructure division.</p>
<p>The company said the transaction is expected to close in September 2024.</p>
<p><u><a href="https://cms.mercomindia.com/assam-power-corporation-floats-consultancy-tender/" target="_blank" rel="noopener">BofA Securities</a></u> and <u><a href="https://www.pjtpartners.com/" target="_blank" rel="noopener">PJT Partners</a></u> acted as financial advisors to BrightNight, while <u><a href="https://www.jefferies.com/" target="_blank" rel="noopener">Jefferies LLC</a></u> served as the sole financial advisor and <u><a href="https://www.weil.com/" target="_blank" rel="noopener">Weil, Gotshal &amp; Manges</a></u> as legal counsel to Goldman Sachs Alternatives.</p>
<p>Martin Hermann, Chairman and CEO of BrightNight, said: &#8220;BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonization.&#8221;</p>
<p>Teresa O&#8217;Flynn, Managing Director in Infrastructure at Goldman Sachs Alternatives, said, &#8220;We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm&#8217;s capabilities.&#8221;</p>
<p>Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment.</p>
<p>Goldman Sachs Alternatives invests across various alternatives, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability.</p>
<p>Last month, BrightNight was one of the <a href="https://www.mercomindia.com/msedcl-wind-solar-hybrid-auction-tranche-iii" target="_blank" rel="noopener">winners</a> in the Maharashtra State Electricity Distribution Company&#8217;s auction to supply 500 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects with an additional greenshoe option of up to 500 MW.</p>
<p>The company was among the winners in NTPC&#8217;s auction to <a href="https://www.mercomindia.com/axis-renew-juniper-serentica-tprel-win-ntpcs-fdre-ii-auction" target="_blank" rel="noopener">supply</a> 3 GW of firm and dispatchable power from ISTS-connected renewable energy projects in India.</p>
<p>BrightNight and its joint venture partner Cordelio Power <a href="https://www.mercomindia.com/project-finance-brief-brightnight-secure-solar-project" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility to develop a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025.</p>


Goldman Sachs Alternatives Invests $440 Million in BrightNight


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					</table><p>From: <a href="https://mercomcapital.com/project-finance-brief-brightnight-secure-solar-project/" target="_blank" rel="noopener">Mercom Capital Group</a></p>
<p><strong>BrightNight, a renewable energy power producer and its joint venture partner Cordelio Power <a href="https://mercomcapital.com/brightnight-and-cordelio-power-secure-solar-project/" target="_blank" rel="noopener">secured</a> a $414 million construction credit facility for the development of 300 MW Box Canyon </strong>utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025. Zions Bancorporation served as the Administrative Agent and Coordinating Lead Arranger. The Joint Lead Arrangers are National Bank of Canada, Royal Bank of Canada, Sumitomo Mitsui Trust Bank, and Canadian Imperial Bank of Commerce.</p>
<p><strong>WElink Group, a developer of PV Solar, Wind, BESS, and hybrid clean energy projects in Europe, </strong><a href="https://mercomcapital.com/welink-group-secures-financing-for-1-6-gw-energy-storage-portfolio/" target="_blank" rel="noopener"><strong>secured</strong></a><strong> a €20 million (~$21.57 million) borrowing base facility for a 1.6 GW pre-ready-to-build</strong>  energy storage-systems portfolio in Italy. Kommunalkredit Austria, a specialized infrastructure and energy financing bank, acted as the Mandated Lead Arranger. The BESS portfolio comprises twelve projects across Italy, with four projects already acquired and the balance under development contract for near-term acquisition.</p>
<p><strong>Vesper Energy, a developer, owner, and operator of utility-scale renewable energy assets, </strong><a href="https://mercomcapital.com/vesper-energy-sells-solar-and-storage-project-in-california/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the sale of the Deer Creek Renewable Energy project</strong>, a solar and storage project located in Tulare County, California. The project was sold to a Fortune 500 energy company. The project consists of a generating capacity of up to 50 MW of solar and 50 MW of energy storage capacity. Vesper Energy has two additional projects currently in development in Tulare County, underscoring the organization’s commitment to the area’s clean energy transition and alignment with California’s goal to establish 100% zero-carbon energy planning by 2045.</p>
<p><strong>Columbus Energy, a Poland-based photovoltaics installer, </strong><a href="https://mercomcapital.com/columbus-energy-sells-28-1-mw-ready-to-build-solar-projects/" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into a preliminary agreement with Nyx Renewable Energy owned by GoldenPeaks Capital </strong>for the sale of 28.1 MW solar projects. The portfolio includes 30 Columbus Energy solar projects which are implemented by 19 subsidiaries of the Group. These projects have issued connection conditions and are ready-to-build , with a total capacity of 28.1 MW. After determining the terms of the sale, the transaction will be completed in several tranches. Financial details about the initial arrangement were undisclosed.</p>
<p>Click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a> for reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors.</p>
<p>Read last week’s project finance <a href="https://mercomcapital.com/project-finance-brief-energyre-secures-solar-storage-project/" target="_blank" rel="noopener">brief</a>.</p>


Project Finance Brief: BrightNight and Cordelio Secure $414 Million for Solar Project


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					</table><p>BN Hybrid Power-1 (<a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>), Hero Solar Energy (<a href="https://www.herofutureenergies.com/" target="_blank" rel="noopener">Hero Future Energies</a>), Solarcraft Power India 20 (<a href="https://blupineenergy.com/" target="_blank" rel="noopener">BluPine Energy</a>), <a href="https://www.junipergreenenergy.com/" target="_blank" rel="noopener">Juniper Green Energy</a>, ReNew Solar Power (<a href="https://www.renew.com/" target="_blank" rel="noopener">ReNew</a>), and <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME Cleantech Solutions</a> were declared winners in NHPC’s auction to supply 1.5 GW of firm and dispatchable renewable power (Peak Power Supply) from inter-state transmission system (ISTS)-connected projects coupled with energy storage systems anywhere in India.</p>
<p>BN Hybrid Power-1 quoted the lowest tariff of ₹4.55 (~$0.0549)/kWh to win 120 MW, while Hero Solar and Solarcraft quoted ₹4.63 (~$0.0558)/kWh to win 100 MW and 50 MW, respectively.</p>
<p>Juniper and ReNew quoted ₹4.64 (~$0.0560)/kWh to win 200 MW and 250 MW. ACME won 680 MW out of the 750 MW quoted capacity at ₹4.64 (~$0.0560)/kWh.</p>
<p>Bids from TEQ Green Power IX (<a href="https://www.o2power.in/" target="_blank" rel="noopener">O2 Power</a>) of ₹4.74 (~$0.0572)/kWh for 150 MW and <a href="https://www.tatapowerrenewables.com/" target="_blank" rel="noopener">Tata Power Renewable Energy</a> of ₹4.95 (~$0.0597)/kWh for 100 MW did not qualify.</p>
<p>A total of 1,400 MW capacity was awarded out of 1,500 MW.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-63644" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results.png" alt="NHPC 1.5 GW FDRE Auction results" width="626" height="345" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results.png 626w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-624x344.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/02/NHPC-1.5-GW-FDRE-Auction-results-600x331.png 600w" sizes="(max-width: 626px) 100vw, 626px" /></p>
<p>NHPC <a href="https://www.mercomindia.com/nhpc-invites-bids-for-renewable-ists-connected-projects" target="_blank" rel="noopener">floated</a> the tender for the projects in October 2023.</p>
<p>Under the tender, bidders were given the flexibility to choose any location within India for their projects. They can identify and acquire or lease the land of their choice for the project without specific restrictions on geographical location within the country.</p>
<p>The selected project developers must utilize well-established and operational technologies that are commercially viable. Making use of such established technologies is aimed at minimizing technology-related risks and ensuring the successful commissioning of the projects.</p>
<p>Projects that are already commissioned or are in the process of construction and have untied capacity are allowed under this tender. Projects with already set-up capacity or spare untied capacity that is not under any power supply agreement and is available for augmenting the proposed renewable power in the tender can also qualify.</p>
<p>The projects under this tender will not be eligible for any Central Financial Assistance.</p>
<p>NHPC recently <a href="https://www.mercomindia.com/juniper-o2-avaada-win-nhpcs-hybrid-auction" target="_blank" rel="noopener">declared</a> the winners of its auction to set up 1,500 MW of ISTS-connected wind-solar hybrid power projects anywhere in India.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> for timely updates on all solar tenders and auctions issued by various agencies in India.</p>


BrightNight, ReNew, ACME Among Winners of NHPC’s 1.5 GW Renewables Auction


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					</table><p><strong>From: <a href="https://mercomcapital.com/funding-ma-roundup-brightnight-secures-to-expand-re-portfolio/" target="_blank" rel="noopener">Mercom Capital Group</a></strong></p>
<p><strong>BrightNight, an independent power producer, </strong><a href="https://mercomcapital.com/power-producer-brightnight-secures-375-million/" target="_blank" rel="noopener"><strong>announced</strong></a><strong> the completion of a $375 million corporate credit facility</strong> to expand its ~31 GW renewable energy portfolio in the U.S. BrightNight’s project portfolio in the country includes solar, energy storage, and integrated technologies. The funding specifically will support equipment deposits, letters of credit, and project buildout. The credit facility is structured as a Green Loan. BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers.</p>
<p><strong>Aquila European Renewables (AER), an investment company with a focus on renewable energy technologies, <a href="https://mercomcapital.com/aquila-european-renewables-secures-loan-ing-bank/" target="_blank" rel="noopener">secured</a> a five-year debt facility of €50 million (~$55 million) from ING Bank, </strong>which is backed by AER’s solar project portfolio in Spain. The company’s solar projects, with a total capacity of 180 MW, are under long-term power purchase agreements. AER intends to use the net proceeds from the debt facility to repay the existing revolving credit facility, resulting in available capacity under the RCF of approximately €70 million (~$77 million) out of the €100 million (~$110 million) limit.</p>
<p><strong>Recurrent, an electric vehicle (EV) and battery health data company, has <a href="https://mercomcapital.com/ev-and-battery-data-company-recurrent-secures-vc/" target="_blank" rel="noopener">secured</a> $16 million in an oversubscribed Series A funding round led by ArcTern Ventures.</strong> The funding round witnessed additional investments from Automotive Ventures, Goodyear Ventures, Wireframe Ventures, Pioneer Square Labs, and others. The company plans to use the funding to expand its EV Battery reports.</p>
<p><strong>Technology Minerals, a battery raw material extraction and recycling company, has </strong><a href="https://www.technologyminerals.co.uk/published/5-million-convertible-bond-facility-cln-extension-and-offer-to-warrantholders" target="_blank" rel="noopener"><strong>entered</strong></a><strong> into an agreement with CLG Capital where CLG can issue up to £5 million (~$6.4 million) through convertible bonds</strong> that can be changed into ordinary shares in the company later. The bonds have a lockup period of 40 days after they are issued. The company’s shares in Recyclus Group are the collateral for the facility. Technology Minerals will pay CLG a fee of 3% of the aggregate principal amount of each tranche of convertible Bonds.</p>
<p>For reports and trackers on funding and M&amp;A transactions in solar, energy storage, and smart grid sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<p>Read last week&#8217;s funding <a href="https://mercomindia.com/funding-and-ma-roundup-element3-raises-seed-funding" target="_blank" rel="noopener">roundup</a>.</p>


Funding and M&A Roundup: BrightNight Secures $375 Million to Expand RE Portfolio


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					</table><p>Independent power producer <a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a> and <a href="https://www.acenrenewables.com/" target="_blank" rel="noopener">ACEN Corporation</a>, through ACEN Renewables International and ACEN International, will jointly develop BrightNight&#8217;s first 1.2 GW renewable energy portfolio in India, utilizing multiple technologies.</p>
<p>The partnership would invest $250 million in equity and performance guarantees.</p>
<p>The parties will construct hybrid wind-solar projects incorporating energy storage to function round-the-clock. The projects would cater to the specific needs of high credit-rated central and state utilities and commercial and industrial offtakers.</p>
<p>&#8220;With this partnership, we are significantly strengthening our foothold in India&#8217;s fast-growing market as we shift from pure solar play to multi-technology renewables. We look forward to working with BrightNight&#8217;s highly experienced local team as our combined expertise will help India progress towards their energy transition goal and spur the global transition towards a Net Zero economy,&#8221; said Patrice Clausse, ACEN International CEO.</p>
<p>ACEN has a prominent presence in its core market, the Philippines, as well as in Australia, Vietnam, Indonesia, and India, with ~4 GW of renewable capacity under its umbrella in the Asia-Pacific region. ACEN aims to achieve 20 GW in renewable capacity by 2030.</p>
<p>BrightNight is creating a worldwide renewable energy portfolio of 23 GW in the U.S. and Asia Pacific, including India, Australia, the Philippines, and Bangladesh.</p>
<p>BrightNight said in February that it intends to establish its initial 100 MW co-located wind-solar hybrid renewable power project in Maharashtra, aiming to supply clean, high-capacity factor power to commercial and industrial customers in the state. The project is set to be commissioned in the first quarter of 2024.</p>
<p>In November last year, ACEN <a href="https://mercomindia.com/daily-news-wrap-up-indian-army-tata-power-ev-charging-points/" target="_blank" rel="noopener">joined</a> forces with Clean Energy Finance Corporation (CEFC) to develop an 8 GW clean energy portfolio, including solar, wind, battery, and pumped hydro. CEFC will invest $75 million into the project to help accelerate large-scale renewable assets across Australia.</p>
<p>Last February, UPC Solar Asia Pacific and ACEN <a href="https://mercomindia.com/daily-news-wrap-up-upc-construction-solar-project/" target="_blank" rel="noopener">initiated</a> the construction of the Masaya Solar Farm, a 300 MW solar project, in Madhya Pradesh.</p>


BrightNight, ACEN to Develop 1.2 GW Hybrid Renewable Projects in India 

<p><a href="https://www.global-infra.com/" target="_blank" rel="noopener">Global Infrastructure Partners</a> (GIP), a U.S.-based infrastructure fund manager, and its co-investors announced that it would invest $500 million in <a href="https://brightnightpower.com/" target="_blank" rel="noopener">BrightNight</a>, an independent renewable power producer, through Global Infrastructure Partners Capital Solutions Fund II (GIP CAPS II).</p>
<p>The investment represents the fourth commitment made by GIP CAPS II. The CAPS strategy helps infrastructure projects and companies in GIP&#8217;s core sectors like power, renewables, energy transition, digital, midstream energy, transportation, and water or waste with tailor-made capital solutions.</p>
<p>The preferred equity is expected to provide flexibility for funding BrightNight&#8217;s development efforts and satisfying equity funding needs during the construction and operation of renewable projects. In addition, the fresh funding will also help offer its consumer a single point of service from development through the operation.</p>
<p>BrightNight said it would provide next-generation power solutions with multiple renewable energy technologies. The company&#8217;s project pipeline utilizes hybrid solutions across the U.S. with diverse resources, including solar and storage.</p>
<p>Milbank LLP served as a legal counsel of GIP. PJT Partners was a financial advisor to BrightNight and Taft Stettinius &amp; Hollister LLP, and Schulte Roth &amp; Zabel LLP acts as its legal counsel.</p>
<p>Martin Hermann, Chief Executive Officer of BrightNight, said, &#8220;GIP&#8217;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 baseload generation.&#8221;</p>
<p>In June 2021, BrightNight entered the Indian renewable energy market. The company aimed to develop 10 GW of renewable energy projects across India and raised over $2.5 billion in capital for energy projects.</p>
<p>Hermann said India is a critical market with the opportunity to be a global energy decarbonization leader.</p>
<p>GIP has grown to be one of the world’s largest infrastructure investors and currently manages $77 billion in assets on behalf of its global investor base.</p>
<p>According to Mercom Captial Group&#8217;s <a href="https://mercomcapital.com/product/annual-q4-2021-solar-funding-ma-report/" target="_blank" rel="noopener">&#8216;Annual and Q4 2021 Solar Funding and M&amp;A Report</a>&#8216;, solar companies raised $27.8 billion in 2021, a 91% increase compared to the $14.5 billion raised in 2020. Corporate funding in 2021 was the highest in ten years.</p>


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