BrightNight secures $440 million from Goldman Sachs to advance renewable portfolio
BrightNight, a renewable power company, announced that it has received a $440 million strategic investment from Goldman Sachs Alternatives’ infrastructure business.
This strategic investment, along with existing capital commitments, is anticipated to fully financially support BrightNight’s five-year business plan.
In addition to business-related plans, the funds are expected to facilitate the execution of BrightNight’s 31-gigawatt renewable power project portfolio, enhanced by the company’s proprietary AI software platform, PowerAlpha.
Also read: Goldman Sachs Renewables MN8 raises $325 million funding
BrightNight Chairman and CEO Martin Hermann said, “BrightNight was founded on a unique combination of strengths that capitalize on strong secular energy transition tailwinds. We have quickly established a large and differentiated portfolio in high-demand growth markets seeking to decarbonize renewable energy solutions to meet growing load and reliability needs.”
He also added, “BrightNight’s best-in-class team, extensive project portfolio, and revolutionary AI-powered software platform, PowerAlpha®, position us to maximize value for our utility and corporate customers. We look forward to continuing this journey in partnership with Goldman Sachs.”
Also read: Ex-MD of Goldman Sachs teams up with law firms to develop an alternative to carbon credits
The strategic investment introduces a well-aligned partner with significant expertise in energy transition and capital markets, enhancing the company’s balance sheet.
The transaction, as per the announcement, is expected to close in September 2024.
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