Goldman Sachs announced it has invested $440 million under its Alternatives fund in BrightNight, a renewable power company providing solutions to utility, commercial, and industrial customers.
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. The transaction is expected to close this September.
The funds are expected to help BrightNight advance its five-year business plan and execute a 31 GW renewable power portfolio. A proprietary AI software program, PowerAlpha is used to support the management of the company’s portfolio.
“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,” said BrightNight chairman and chief executive officer Martin Hermann.
Goldman Sachs said the two entities share a joint ambition to build a leading renewable independent power producer (IPP). The investor said it will provide long-term capital backing and leverage relationships in the sector to support BrightNight.
“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.”
Along with Goldman Sachs, investor Global Infrastructure Partners will continue its existing capital commitments to fund construction equity needs and will also maintain its minority equity interests.
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