Renewable power company Brightnight announced that it has completed a $440 million strategic equity investment from Goldman Sachs Alternatives, the alternative investment platform of Goldman Sachs Asset Management. The investment, first announced earlier this year, is intended to support BrightNight’s independent power producer (IPP) business model and build out portfolio of utility scale across the United States.
Founded in 2019 as a renewable energy-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 deliver large-scale hybrid renewable power projects aimed at helping manage the intermittent nature of renewable energy. The company also leverages its proprietary AI-based software PowerAlpha to optimize designs, resource mixes, and operational strategies to optimize projects for customers.
Brightnight said the new investment, along with existing capital commitments from institutional investors, will fully fund the company’s five-year business plan, which will generate 31GW of renewable energy including solar PV, energy storage and hybrid solutions. It is expected to advance the implementation of the potential power project portfolio.
Blainite also announced that it has increased its corporate credit facility from $375 million to $400 million, providing balance sheet support to execute on its U.S. project portfolio.
Martin Hermann, Chairman and CEO of BrightNight, said:
“We are excited to partner with Goldman Sachs. This investment and their deep energy transition and capital markets experience will help us execute on our IPP business model and build a portfolio of business scale. , which helps us serve customers around the world by delivering cutting-edge clean power projects.
