FCC

BrightNight announces $1 bn investment in green energy over 5 years

2023-06-14

Renewable power producer, BrightNight, plans to invest $1 billion in developing 2 GW of renewable energy capacity in India over the next 4-5 years. The company will allocate $250 million of equity capital towards this endeavour. BrightNight Power India CEO, Sajay KV, stated that the company is focused on developing hybrid wind-solar projects with integrated energy storage, enabling continuous operation. The committed $250 million will be deployed within three years. Globally, BrightNight has a pipeline of approximately 23 GW, with 3 GW dedicated to the Asia Pacific region, including India, Bangladesh, Philippines, and Australia. The substantial share of 2 GW has been allocated to India due to its scale and size. Work has already commenced on 1.2 GW across three states.

The first project, named Optima, is being established in Maharashtra with an investment of around Rs 8 billion, with 75% of the financing being debt-based. This 100 MW co-located wind-solar hybrid renewable power project aims to deliver high-capacity factor power to commercial and industrial customers. Commissioning is scheduled for early next year, prior to the wind season. The project is expected to replace 80% of grid power and result in up to 25% annual savings on energy bills. BrightNight's proprietary software, Power Alpha, ensures optimal design for the Levelized Cost of Energy (LCOE) for consumers.

Similar hybrid renewable power projects are planned for Gujarat and Rajasthan, and an additional 100 MW project is in the works for Maharashtra. BrightNight is currently engaged in advanced discussions with clients interested in power purchase deals, amounting to approximately 300 MW, for its upcoming 100 MW unit, according to Sajay.