BrightNight, a NYC-based renewable power producer built to deliver clean and dispatchable power solutions, closed a $440m strategic equity investment from Goldman Sachs Alternatives.
This investment, together with existing capital commitments from 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.
Additionally, BrightNight announced the upsize of its corporate credit facility initially announced earlier this year from $375m to $400m. This credit facility will provide the company 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.
Led by Chairman and CEO Martin Hermann, BrightNight is a renewable integrated power company designed to provide utility, commercial, and industrial customers with clean, dispatchable renewable power solutions. The company works with customers across the U.S. to design, develop, and operate large-scale renewable power projects optimized to manage the intermittent nature of renewable energy. Its 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.
Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment, which will fund construction equity needs for BrightNight’s projects.
FinSMEs
07/10/2024