US-based renewable energy firm BrightNight said on Tuesday the closing of a $440 million strategic equity investment from Goldman Sachs Alternatives.
According to a statement, the investment is expected to fully fund BrightNight’s five-year business plan and advance the execution of its 31-gigawatt renewable power project portfolio.
Goldman Sachs’s asset management arm announced the investment in August following strong energy transition tailwinds and its substantial corporate decarbonization goals.
“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,” said BrightNight Chairman and CEO Martin Hermann in the statement.
BofA Securities, Inc. and PJT Partners acted as financial advisors to BrightNight on Goldman Sachs Alternatives’ investment, and Taft Stettinius & Hollister acted as legal advisors.
Additionally, BrightNight announced the upsize of its corporate credit facility to $400 million from $375 million declared earlier this year.
This credit facility will provide BrightNight with the necessary balance sheet support to execute its US project portfolio.
The credit facility is structured as a Green Loan, which aligns with Green Loan principles.
Latham and Watkins and PEI represented BrightNight in the corporate credit facility transaction. Norton Rose Fulbright served as lender counsel.
Meanwhile, Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment, which will fund construction equity needs for the renewable power company’s projects.
Founded in 2019, Florida-based BrightNight designs, develops and operates large-scale hybrid renewable power projects aimed at helping manage the intermittent nature of renewable energy.
The company also utilizes proprietary artificial intelligence software, PowerAlpha, to optimize its customer projects’ design, resource mix and operational strategy.
