Goldman Sachs invests in BrightNight solar energy

The investment, together with existing capital commitments, has been 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 added an established and aligned partner with deep energy transition and capital markets experience and further strengthened the company’s balance sheet. The transaction is expected to close in September 2024.

BrightNight Chairman and CEO, Martin Hermann, said: “BrightNight was founded on a unique combination of strengths that capitalise on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high demand growth markets seeking decarbonising 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. We look forward to continuing this journey in partnership with Goldman Sachs.”

“Our investment demonstrates the strength of BrightNight’s platform and the differentiated solar and storage project portfolio Martin and the team have developed,” added Cedric Lucas, Managing Director in Infrastructure at Goldman Sachs Alternatives. “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,” stated Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives. “We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high value interconnection positions.”

BrightNight CFO, Brian Boland, added: “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 US.

Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment utilised to fund construction equity needs and will also maintain its minority equity interests. We want to thank GIP for its financial and operational support along our journey, and for its continued commitment to BrightNight.”

BofA Securities, Inc. and PJT Partners acted as financial advisors to BrightNight.

Jefferies LLC acted as sole financial advisor and Weil, Gotshal & Manges LLC served as legal counsel to Goldman Sachs Alternatives.

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