Goldman Sachs Alternatives’ Infrastructure business has made a $440 million strategic investment in US-based BrightNight, a renewable power company.
This funding, combined with existing capital commitments, is projected to fully support BrightNight’s five-year business plan and advance its 31-gigawatt renewable power project portfolio, enhanced by its proprietary AI platform, PowerAlpha.
The investment brings a seasoned partner with extensive energy transition and capital markets experience, bolstering the Company’s balance sheet. The transaction is anticipated to close in September 2024.
BrightNight is designed to provide commercial and industrial customers with clean, dispatchable renewable power solutions. Its Chairman and CEO Martin Hermann said, “BrightNight was founded on a unique combination of strengths that capitalise on strong secular energy transition tailwinds. 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 US.”
Cedric Lucas, Managing Director in Infrastructure at Goldman Sachs Alternatives said, “Our investment demonstrates the strength of BrightNight’s platform and the differentiated solar and storage project portfolio Martin and the team have developed. 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 decarbonisation goals and both federal and state-level policy support,” said Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives.
BofA Securities, Inc. and PJT Partners acted as financial advisors to BrightNight. Jefferies LLC acted as sole financial advisor and Weil, Gotshal & Manges served as legal counsel to Goldman Sachs Alternatives.