BrightNight, a leading renewable energy company, has secured a $440 million strategic investment from Goldman Sachs Alternatives’ Infrastructure business.
This significant investment will fully fund BrightNight’s five-year business plan and support its extensive 31-gigawatt renewable power project portfolio, which is further enhanced by the company’s proprietary AI software platform, PowerAlpha®.
Investment to Strengthen BrightNight’s Position in Renewable Energy Market
The investment is expected to strengthen BrightNight’s balance sheet and solidify its position as a leader in the renewable energy market. The transaction is anticipated to close in September 2024.
Collaboration to Advance Renewable Energy Mission
BrightNight Chairman and CEO Martin Hermann expressed his excitement about the partnership, stating, “BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. Our large, differentiated portfolio and AI-powered software platform position us to maximize value for our utility and corporate customers. We look forward to advancing our mission with Goldman Sachs.”
Strategic Alignment to Accelerate Growth
Cedric Lucas, Managing Director in Infrastructure at Goldman Sachs Alternatives, highlighted the strategic alignment between the two entities, saying, “Our investment reflects the strength of BrightNight’s platform and its unique solar and storage project portfolio. We aim to accelerate its growth by providing long-term capital and leveraging our sector capabilities and relationships.”
Investment Strategy Aligns with Growing Demand for Renewable Energy
Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives, emphasized the growing demand for renewable energy driven by corporate decarbonization goals and supportive policies.
“BrightNight’s focus on markets with strong commercial dynamics and valuable interconnection positions aligns with our investment strategy,” she noted.
Partnership to Drive Execution and Expansion
BrightNight CFO Brian Boland added, “We are thrilled about our new partnership with Goldman Sachs, which, combined with our existing capital commitments and bank support, will drive the execution of our IPP business model and expand our utility-scale portfolio.”
Continued Support from Global Infrastructure Partners
Global Infrastructure Partners (GIP) will continue its support with existing capital commitments for construction equity needs and maintain its minority equity interests. BrightNight expressed gratitude for GIP’s ongoing support.
Financial and Legal Advisors
BofA Securities, Inc. and PJT Partners served as financial advisors to BrightNight, while Jefferies LLC acted as sole financial advisor and Weil, Gotshal & Manges LLC provided legal counsel to Goldman Sachs Alternatives.