Bloom Energy, a global leader in stationary fuel cell power generation, has announced a project financing partnership with HPS Investment Partners (HPS) and Industrial Development Funding (IDF), two prominent infrastructure capital providers. The partnership will involve the acquisition of 19 MW of Bloom’s Energy Servers, including advanced on-site microgrid solutions, with an investment of approximately $125 million. This funding will enable the installation of Bloom’s equipment under Power Purchase Agreements (PPAs), delivering clean, reliable, on-site power to commercial and industrial customers with zero upfront costs.
As demand for dependable and rapidly deployable energy solutions continues to rise—especially for data centers, manufacturing plants, and industrial facilities—Bloom Energy’s growth is accelerating. The partnership with HPS and IDF will provide Bloom with new sources of debt and equity capital, facilitating the creation of special purpose project companies that will sell electricity to customers. For HPS and IDF, the partnership presents a significant opportunity to invest in the global energy transition, which increasingly calls for non-combustion, reliable power sources that can be deployed quickly.
“We are thrilled to launch this long-term partnership with HPS and IDF, two innovative and experienced companies in the energy transition space,” said Aman Joshi, Chief Commercial Officer at Bloom Energy. “This collaboration strengthens Bloom’s ability to offer financed solutions, meeting customers’ power supply and reliability needs without impacting their capital budgets.”
Michael Dorenfeld, Managing Director at HPS Investment Partners, commented, “Bloom’s technology provides a proven solution to the challenges customers face with the U.S. grid today and presents an exciting opportunity to invest in this fast-growing market. We are excited to partner with IDF and Bloom on this portfolio and look forward to a successful long-term relationship.”
Nik Nunes, CEO of Industrial Development Funding, added, “With the global demand for electric power growing rapidly, partnering with Bloom Energy is timely. We see this portfolio as the first step toward a larger project funding collaboration.”
HPS Investment Partners manages approximately $148 billion in assets as of September 2024, focusing on credit-based investment strategies across the capital structure. The firm is committed to providing creative capital solutions and delivering attractive risk-adjusted returns for its clients.
