BrightNight, a renewable power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions, secured a $440 million strategic investment from the infrastructure business at Goldman Sachs Alternatives.
This investment, together with existing capital commitments, is expected to fully fund BrightNight’s five-year business plan and advance execution of its 31-gigawatt renewable power project portfolio enhanced by its AI software platform, PowerAlpha.
This investment adds an established and aligned partner with deep energy transition and capital markets experience and further strengthens the company’s balance sheet. The transaction is expected to close in September 2024.
“BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds,” Martin Hermann, chairman and CEO of BrightNight, said. “We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonizing renewable energy solutions to meet growing load and reliability needs. BrightNight’s best-in-class team, extensive project portfolio and revolutionary AI-powered software platform, PowerAlpha, position us to maximize value for our utility and corporate customers. We look forward to continuing this journey in partnership with Goldman Sachs.”
“Our investment demonstrates the strength of BrightNight’s platform and the differentiated solar and storage project portfolio Martin and the team have developed,” Cedric Lucas, managing director in infrastructure at Goldman Sachs Alternatives, said. “We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm’s capabilities and relationships in the sector.”
“Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonization goals and both federal and state-level policy support,” Teresa Mattamouros, managing director in infrastructure at Goldman Sachs Alternatives, said. “We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high-value interconnection positions.”
“We are excited to announce our partnership with Goldman Sachs and have been fortunate to garner the support of world-class partners over the years,” Brian Boland, chief financial officer of BrightNight, said. “Goldman Sachs’ investment, together with our existing capital commitments and bank group, will help drive execution of our IPP business model and build-out of our utility-scale portfolio, delivering critical clean energy infrastructure to serve our customers across the U.S. Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment utilized to fund construction equity needs and will also maintain its minority equity interests. We want to thank GIP for its financial and operational support along our journey, and for its continued commitment to BrightNight.”
BofA Securities and PJT Partners acted as financial advisors to BrightNight. Jefferies acted as sole financial advisor and Weil, Gotshal & Manges served as legal counsel to Goldman Sachs Alternatives.
