Solas Energy Consulting acted as key technical advisor to GIP. The investment includes preferred equity and a letter of credit facility.
January 27, 2022
Solas Energy Consulting announced it served as key technical advisor to Global Infrastructure Partners (GIP) for a $500 million investment in BrightNight, LLC. BrightNight is an independent power producer of renewable energy, with operations in the United States, India, Bangladesh, and South-East Asia.
GIP’s investment included preferred equity and a letter of credit facility. Solas evaluated BrightNight’s hybridized development portfolio which includes solar PV and storage. Solas said it provided due diligence on all aspects of project development, including land/topography, siting, environmental, permitting, resource analysis, interconnection, and project economic modeling.
GIP’s investment is expected to enable BrightNight, as an independent power producer, to offer a complete service from development through operations.
Global Infrastructure Partners is a specialist infrastructure investor with approximately $77 billion under management. It owns 46 portfolio companies with combined annual revenues of $40 billion and more than 63,000 employees. The company recently announced the election of Bob Callahan, Lucy Chadwick, and Andrew Paulson as partners of the firm.
BrightNight has a track record of executing significant utility-scale solar and energy storage projects. It participated in the development of the Eagle Shadow Mountain Solar Farm, a 400MW facility with utility NV Energy as offtaker. At the time, the project was the largest ever built on tribal land and achieved the lowest LCOE in the country at $0.023/kWh. The project was built alongside a retiring coal plant.
The company also brought the Mount Signal Solar Farm in California to commercial operation, an 800MW cluster of three facilities that generate enough power for over 1 million people during the daytime.
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