Goldman Sachs Closes $440 Million Investment in Renewable Power Platform BrightNight

Renewable power company BrightNight announced that it has closed a $440 million strategic equity investment from Goldman Sachs Asset Management’s alternative investments platform Goldman Sachs Alternatives. Initially announced earlier this year, the investment is aimed at supporting BrightNight’s independent power producer (IPP) business model and the buildout of its utility-scale portfolio across the U.S.

Founded in 2019 as a renewables-focused independent power producer (IPP), Florida-based BrightNight develops, constructs and operates renewable power projects. The company works with utility, commercial and industrial customers to provide large-scale hybrid renewable power projects, aimed at helping manage the intermittent nature of renewable energy. The company also utilizes proprietary AI-based software, PowerAlpha, to optimize the design, resource mix, and operational strategy to optimize projects for customers.

According to BrightNight, the new investment, alongside existing capital commitments from institutional investors, is expected to fully fund the company’s five-year business plan and advance the execution of its 31 GW renewable power project portfolio, including solar, energy storage, and hybrid solutions.

BrighNight also announced that it has upsized its corporate credit facility from $375 million to $400 million, providing balance sheet support to execute on its U.S. project portfolio.

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.”