BrightNight, a next-generation renewable power producer focused on delivering clean and dispatchable power solutions, announced the successful closing of a $440 million strategic equity investment from Goldman Sachs Alternatives.
This funding, combined 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.
Global Infrastructure Partners will continue supporting BrightNight with its existing capital commitment, which will fund the construction equity needed for its projects.
Plus, BrightNight announced the upsizing of its corporate credit facility from $375 million to $400 million, which was initially announced earlier this year. 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 and PJT Partners worked as financial advisors to BrightNight on Goldman Sachs Alternatives’ investment and Taft Stettinius & Hollister worked as legal advisor. Jefferies worked as sole financial advisor, and Weil, Gotshal & Manges served as legal counsel to Goldman Sachs Alternatives. Latham and Watkins and PEI represented BrightNight in the corporate credit facility transaction. And Norton Rose Fulbright served as Lender Counsel.
KEY QUOTES:
“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.”
-BrightNight Chairman and CEO Martin Hermann
