• $440M investment from Goldman Sachs Alternatives boosts BrightNight’s renewable energy projects.
• Funding supports a 31-gigawatt project portfolio and AI platform, PowerAlpha®.
• Strategic partnership aims to build a leading independent power producer (IPP).

Goldman Sachs Fuels BrightNight’s Growth

BrightNight, a top renewable power firm, secures a $440 million investment from Goldman Sachs Alternatives. This funding will fully finance BrightNight’s five-year plan and its 31-gigawatt renewable project portfolio, supported by the AI-driven PowerAlpha® platform.

Strengthened Partnership

This strategic investment brings in an experienced partner in energy transition and capital markets, enhancing BrightNight’s financial stability. The deal is set to close in September 2024.

Martin Hermann, Chairman and CEO of BrightNight, stated: “BrightNight was founded on a unique combination of strengths that capitalize 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 maximize value for our utility and corporate customers. We look forward to continuing this journey in partnership with Goldman Sachs.“

Cedric Lucas, Managing Director at Goldman Sachs Alternatives, commented: “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.“

Teresa Mattamouros, Managing Director at Goldman Sachs Alternatives, added: “Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonization 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.“

Brian Boland, CFO of BrightNight, expressed: “We are excited to announce our partnership with Goldman Sachs and have been fortunate to garner the support of world-class partners over the years. 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 U.S.”

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Global Infrastructure Partners will continue its support with existing capital commitments and maintain minority equity interests, further aiding BrightNight’s journey.

BofA Securities, Inc. and PJT Partners advised BrightNight, while Jefferies LLC and Weil, Gotshal & Manges served Goldman Sachs Alternatives.