U.S. solar developer BrightNight has successfully closed a $375 million corporate credit facility, earmarked for bolstering its expansive pipeline of solar and storage projects totaling 31 gigawatts (GW).
Dutch bank ING, French firm Natixis CIB, and Japanese bank SMBC served as coordinating lead arrangers and green loan coordinators, while UK-based HSBC acted as joint lead arranger and administrative agent for the deal.
In adherence to the Green Loan Principles, a set of voluntary guidelines established by the Asia Pacific Loan Market Association, Loan Market Association, and Loan Syndications and Trading Association, the funding is aimed at encouraging increased investment in renewable projects.
BrightNight CEO Martin Hermann emphasized the significance of the funding beyond mere capital infusion, stating, “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.”
The funds are designated for equipment deposits, letters of credit, and project buildout across BrightNight's development pipeline, which encompasses four solar projects in Arizona and Kentucky with a combined capacity of 845 megawatts (MW). The company did not provide a breakdown of how the funds would be allocated among its ongoing projects.
BrightNight's recent investments include an 800MW solar project at a former coal mine in Kentucky and a 300MW PV plant in Arizona. The company has also ventured into the battery storage sector, with projects like the Greenwater Storage Project in Washington state (200MW/800MWh) and the Hop Hill project (500MW) in Washington, integrating agrivoltaics and battery storage facilities.
This development is particularly noteworthy for the agrivoltaics sector, which gained substantial interest and investment in 2023. In a move that echoes this trend, the European Commission approved a €1.7 billion (US$1.8 billion) investment scheme in November to support 1GW of agrivoltaics projects in Italy.