Funding and M&A Roundup: Ascend Elements Raises $162 Million

BrightNight, an independent power producer, announced the completion of a $375 million corporate credit facility 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.

“We are extremely pleased to announce the successful raise of this $375 million credit facility, a first for BrightNight,” CEO Martin Hermann said. “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.”

BrightNight’s Green Loan was arranged by ING, Natixis CIB, and SMBC as Coordinating Lead Arrangers and Green Loan Coordinators, and HSBC as Joint Lead Arranger and Administrative Agent.

Latham and Watkins and PEI represented BrightNight in the transaction. Norton Rose Fulbright served as the Lender Counsel.

Recently, Sonnedix, an independent solar power producer, secured a €500 million (~$545 million) loan facility to finance the construction of its renewable pipeline in Europe and the U.K. The loan facility consists of a €450 million (~$490 million) capital expenditure facility and a €50 million (~$55 million) letter of credit facility.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, solar debt financing activity in 9M 2023 totaled $16 billion in 54 deals, 93% higher than 9M 2022 when $8.3 billion was raised in 48 deals.

Last Month, Exeger, a developer of solar cell technology, secured a €35 million (~$38.4 million) loan from the European Investment Bank (EIB). The EIB loan is backed by the InvestEU program, the financing instrument designed to support more than €372 billion (~$408 billion) in additional investment for EU policy priorities between 2021 and 2027.


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