GIP infrastructure debt fund invests $675m in two deals

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An infrastructure debt fund managed by Global Infrastructure Partners (GIP) has made $675m (€583m) worth of investments in two separate deals.

According to IPE Real Assets, “the manager said its GIP Capital Solutions Fund II (GIP CAPS II) fund, together with its co-investors, has invested $500m in renewable power firm BrightNight and has also made a senior secured term loan investment of $175m in Group Energy Gas Panama S de RL, to finance the acquisition and construction of Generadora de Gatun, the owner of a 670MW natural gas cogeneration power plant to be constructed in Colon, Panama.”

The investments represent the third and fourth commitments made by GIP CAPS II.

BrightNight works with customers across the US and the Asia Pacific to design, develop, and operate large-scale, hybrid renewable power projects.

James Amine, GIP partner and member of GIP’s executive committee, said: “BrightNight’s philosophy to deliver innovative renewable power solutions aligns closely with our view of what’s required to be successful in such high growth but increasingly competitive renewable power markets.

“The transaction is also in line with GIP’s firmwide strategy of investing in differentiated infrastructure platforms with high growth potential and strong management teams.”

Group Energy Gas Panama is a newly formed joint venture between InterEnergy and The AES Corporation.

Steve Cheng, credit partner at GIP, said: “The Gatun power plant is well-positioned to meet growing industrial power demand in Panama and is expected to play a key role providing stability to Panama’s electric grid considering the significant renewable generation sources already in place.”

Source: IPE Real Assets

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