Strategic investment from Goldman Sachs Alternatives and
additional credit facility commitments fortify BrightNight's
standing as a leading U.S. renewable power platform.
NEW
YORK, Oct. 7, 2024 /PRNewswire/ -- BrightNight,
the next-generation renewable power producer built to deliver clean
and dispatchable power solutions, today announced the
successful closing of a $440 million
strategic equity investment from Goldman Sachs Alternatives.
This investment, together with existing capital commitments from
leading institutional investors, is expected to fully fund
BrightNight's five-year business plan and advance the execution of
its 31-gigawatt renewable power project portfolio, which includes
solar, energy storage, and hybrid solutions.
BrightNight Chairman and CEO Martin
Hermann said: "We are excited to partner with Goldman Sachs.
This investment, as well as their deep energy transition and
capital markets experience, will help drive the execution of our
IPP business model and the build-out of our utility-scale
portfolio, delivering cutting-edge clean power projects to serve
our customers across the U.S."
Global Infrastructure Partners will continue to support
BrightNight with its existing capital commitment, which will fund
construction equity needs for BrightNight's projects.
Additionally, BrightNight announced the upsize of its corporate
credit facility initially announced earlier this year from
$375 million to $400 million. This credit facility will provide
BrightNight with the necessary balance sheet support to execute on
its U.S. project portfolio, delivering critical clean energy
infrastructure to serve BrightNight's customers across the U.S. The
credit facility is structured as a Green Loan, in alignment with
Green Loan principles.
BofA Securities, Inc. and PJT Partners acted as financial
advisors to BrightNight on Goldman Sachs Alternatives' investment
and Taft Stettinius & Hollister acted as legal advisor.
Jefferies LLC acted as sole financial advisor, and Weil, Gotshal
& Manges LLC served as legal counsel to Goldman Sachs
Alternatives.
Latham and Watkins and PEI
represented BrightNight in the corporate credit facility
transaction. Norton Rose Fulbright
served as Lender Counsel.
About BrightNight
BrightNight is a leading renewable integrated power company
designed to provide utility, 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 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, navigate 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 CPP Investments-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 by 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 circular economy & other.
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