BrightNight, a renewable power producer built to deliver clean and dispatchable power solutions, closed a $440 million strategic equity investment from Goldman Sachs Alternatives.
This investment, together with existing capital commitments from leading institutional investors, is expected to fully fund BrightNight’s five-year business plan and advance the execution of its 31-gigawatt renewable power project portfolio, which includes solar, energy storage and hybrid solutions.
“We are excited to partner with Goldman Sachs,” Martin Hermann, chairman and CEO of BrightNight, said. “This investment, as well as their deep energy transition and capital markets experience, will help drive the execution of our IPP business model and the build-out of our utility-scale portfolio, delivering cutting-edge clean power projects to serve our customers across the U.S.”
Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment, which will fund construction equity needs for BrightNight’s projects.
Additionally, BrightNight upsized its corporate credit facility initially announced earlier this year from $375 million to $400 million. This credit facility will provide BrightNight with the necessary balance sheet support to execute on its U.S. project portfolio. The credit facility is structured as a green loan, in alignment with Green Loan principles.
BofA Securities and PJT Partners acted as financial advisors to BrightNight on Goldman Sachs Alternatives’ investment and Taft Stettinius & Hollister acted as legal advisor. Jefferies acted as sole financial advisor, and Weil, Gotshal & Manges served as legal counsel to Goldman Sachs Alternatives. Latham and Watkins and PEI represented BrightNight in the corporate credit facility transaction. Norton Rose Fulbright served as lender counsel.
