Strategic investment from Goldman Sachs Alternatives
fortifies BrightNight's standing as a leading U.S. renewable power
platform
WEST PALM BEACH, Fla.,
Aug. 1, 2024 /PRNewswire/ --
BrightNight (the "Company"), a leading renewable power company
designed to provide utility and commercial and industrial customers
with clean, dispatchable renewable power solutions, announced today
a $440 million strategic investment
from the Infrastructure business at Goldman Sachs Alternatives.
Strategic investment from Goldman Sachs
fortifies BrightNight's standing as a leading U.S. renewable power
platform.
This investment, together with existing capital commitments, is
expected to fully fund BrightNight's five-year business plan and
advance execution of its 31-gigawatt 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: "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."
"Our investment demonstrates the strength of BrightNight's
platform and the differentiated solar and storage project portfolio
Martin and the team have developed," said 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 decarbonization goals and both federal and state-level
policy support," said 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 U.S.
Global Infrastructure Partners ("GIP") will continue to support
BrightNight with its existing capital commitment utilized 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 served as legal counsel to Goldman Sachs
Alternatives.
About BrightNight
BrightNight is a leading renewable integrated power company
designed to provide utility and commercial and industrial customers
with clean, dispatchable renewable power solutions. 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. BrightNight's industry-first Artificial
Intelligence platform, PowerAlpha®, allows it to design, optimize,
and operate renewable power plants with industry-leading economics
and performance. In addition to Goldman Sachs, current BrightNight
investors and partners include Global Infrastructure Partners and
CPPIB-backed Cordelio Power.
To learn more, please visit www.brightnightpower.com
About Infrastructure at Goldman Sachs Alternatives
Goldman Sachs (NYSE: GS) is one of the leading investors in
alternatives globally, with over $450
billion in assets and more than 30 years of experience. The
business invests in the full spectrum of alternatives including
private equity, growth equity, private credit, real estate,
infrastructure, hedge funds and sustainability. Clients access
these solutions through direct strategies, customized partnerships,
and open-architecture programs.
The business is driven by a focus on partnership and shared
success with its clients, seeking to deliver long-term investment
performance drawing on its global network and deep expertise across
industries and markets.
The alternative investments platform is part of Goldman Sachs
Asset Management, which delivers investment and advisory services
across public and private markets for the world's leading
institutions, financial advisors and individuals. Goldman Sachs has
over $2.9 trillion in assets under
supervision globally as of June 30,
2024.
Established in 2006, Infrastructure at Goldman Sachs
Alternatives has consistently navigated the evolving infrastructure
asset class, having invested approximately $16 billion in infrastructure assets across
market cycles since its inception. The business partners with
experienced operators and management teams across multiple sectors,
including energy transition, digital infrastructure, transportation
& logistics and social infrastructure.
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SOURCE BrightNight