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Goldman Sachs invests USD 440 million in BrightNight

Goldman Sachs Alternatives invests USD 440 million in BrightNight to support the expansion of its renewable energy projects in the United States.

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Goldman Sachs Alternatives announces a USD 440 million investment in BrightNight, a leading renewable energy company.
The investment is designed to support BrightNight’s five-year growth plan and accelerate the execution of its 31 gigawatt project portfolio, powered by its AI platform, PowerAlpha®.
This initiative strengthens BrightNight’s position in the U.S. clean energy market.
This investment provides BrightNight with a strategic partner with extensive experience in energy transition and capital markets.
Completion of the transaction is scheduled for September 2024, consolidating the company’s financial and operational capabilities.

Strengthening Market Position

Cedric Lucas, Managing Director at Goldman Sachs Alternatives, says this investment demonstrates the robustness of BrightNight’s platform and portfolio of solar and storage projects.
The aim is to establish BrightNight as a leading independent producer of renewable energy (IPP).
The partnership aims to accelerate BrightNight’s growth through long-term financial support and by leveraging Goldman Sachs’ capabilities and relationships in the sector.
Teresa Mattamouros, Managing Director at Goldman Sachs Alternatives, adds that demand for renewable energy is underpinned by strong corporate decarbonization targets and supportive federal and state policies.
She expresses her admiration for BrightNight’s unique approach, focused on markets with attractive commercial dynamics and high-value interconnection positions.

Innovative Approach and Customer Commitment

Martin Hermann, President and CEO of BrightNight, says the company is capitalizing on strong energy transition trends.
BrightNight has rapidly built a diversified portfolio in high-demand markets for decarbonized energy solutions.
Withits world-class team and PowerAlpha® AI platform, BrightNight is well positioned to maximize value for its utility and enterprise customers.
Hermann sees this partnership with Goldman Sachs as a catalyst to continue their mission of providing high-quality renewable energy solutions.
BrightNight CFO Brian Boland is also delighted with the partnership.
He notes that Goldman Sachs’ investment, in addition to existing capital commitments, will support the execution of their IPP model and the expansion of their portfolio at scale.
This will provide essential clean energy infrastructure for their customers across the US.

Ongoing support from existing investors

Global Infrastructure Partners (GIP) continues to support BrightNight with its existing capital commitment for construction fund requirements and maintains its minority equity interests.
GIP has played a crucial role in BrightNight’s financial and operational support, and their continued support is essential to the company’s development.
BrightNight’s financial advisors include BofA Securities, Inc.
and PJT Partners.
Jefferies LLC acted as sole financial advisor to Goldman Sachs Alternatives, with Weil, Gotshal & Manges LLC as legal counsel.
Goldman Sachs Alternatives’ investment in BrightNight represents a major development for the U.S. renewable energy sector, with significant implications for the future expansion and development of clean energy infrastructure.

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