Bloom Energy, a leader in stationary fuel cell power generation, announced that it has formed a project financing partnership with certain funds managed by HPS Investment Partners (HPS) and Industrial Development Funding (IDF), two leading global providers of infrastructure capital.
As part of the deal, HPS and IDF will acquire 19 MW of Bloom’s Energy Servers, including several advanced on-site microgrid solutions.
The approximately $125 million in funding will support the installation of Bloom equipment contracted under PPA structures, which can deliver clean, on-site, and highly reliable power to commercial and industrial customers at zero upfront cost.
Bloom’s growth accelerated along with the increasing demand for reliable and rapidly deployable energy solutions needed to support data centers, new manufacturing plants, and other industrial facilities. This partnership with HPS and IDF provides Bloom with new debt and equity capital sources to create special-purpose project companies that can sell electricity to customers.
For HPS and IDF, this partnership expands opportunities to invest in the energy transition underway around the world, one that demands new technologies that can meet the needs for time-to-power and non-combustion sources of reliable power supply.
KEY QUOTES:
“Bloom Energy is excited to launch this long-term partnership with HPS and IDF, two experienced and innovative companies when it comes to funding the rapidly changing energy transition. With growing demand for shorter contract lengths and larger-scale projects, this partnership enhances Bloom’s ability to provide financed solutions that address customers’ power supply and reliability needs without impacting their capital budgets.”
- Aman Joshi, Bloom Energy’s Chief Commercial Officer
“Bloom’s technology provides a proven solution to the challenges customers are facing with the U.S. grid today and offers a unique opportunity to invest in this fast-growing market. We’re pleased to be partnering with IDF and Bloom on this portfolio, and to mark the beginnings of a successful long-term partnership.”
- Michael Dorenfeld, Managing Director for HPS Investment Partners
“With the rapid growth of the global demand for electric power, this is an ideal time for us to partner with Bloom Energy. We view this portfolio as the first step in a larger project funding relationship.”
- Nik Nunes, CEO of Industrial Development Funding
