Goldman Sachs Alternatives Invest $440 Million in BrightNight

BrightNight, a leading renewable power company designed to provide utility and commercial and industrial customers with clean, dispatchable renewable power solutions in the US, received 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 GW renewable power project portfolio enhanced by its proprietary 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 Chairman and CEO Martin Hermann said that his company was founded on a unique combination of strengths that capitalised on strong secular energy transition tailwinds.

“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 maximise value for our utility and corporate customers,” he added.

Strong Platform

Managing Director in Infrastructure at Goldman Sachs Alternatives Cedric Lucas said that their investment demonstrated 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,” Lucas noted.

Managing Director in Infrastructure at Goldman Sachs Alternatives Teresa Mattamouros said that the 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.

“We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high-value interconnection positions,” Mattamouros said.

Global Infrastructure Partners (GIP) will continue to support BrightNight with its existing capital commitment utilised to fund construction equity needs and will also maintain its minority equity interests.

BofA Securities, Inc. and PJT Partners acted as financial advisors to BrightNight while Jefferies LLC acted as sole financial advisor and Weil, Gotshal & Manges LLC served as legal counsel to Goldman Sachs Alternatives.

About BrightNight

BrightNight works with customers across the U.S. to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to better manage the intermittent nature of renewable energy.

Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to meet and exceed challenging energy sustainability standards, rapidly changing grid dynamics, and facilitate the transition away from fossil fuel generation.