BrightNight Closes $440 Million Strategic Investment from Goldman Sachs Alternatives, Upsizes Corporate Credit Facility to $400 Million

Rhea-AI Summary

BrightNight, a leading U.S. renewable power producer, has successfully closed a $440 million strategic equity investment from Goldman Sachs Alternatives. This investment, along with existing capital commitments, is expected to fully fund BrightNight's five-year business plan and advance the execution of its 31-gigawatt renewable power project portfolio, including solar, energy storage, and hybrid solutions.

Additionally, BrightNight has upsized its corporate credit facility from $375 million to $400 million. This Green Loan-structured facility will provide necessary balance sheet support to execute BrightNight's U.S. project portfolio. Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment for construction equity needs.

BrightNight's Chairman and CEO, Martin Hermann, expressed excitement about the partnership with Goldman Sachs, highlighting the potential to drive the execution of their IPP business model and build-out of their utility-scale portfolio.

Positive

• Secured $440 million strategic equity investment from Goldman Sachs Alternatives
• Upsized corporate credit facility from $375 million to $400 million
• Expected to fully fund five-year business plan
• 31-gigawatt renewable power project portfolio
• Continued support from Global Infrastructure Partners for construction equity needs

Negative

• None.

Strategic investment from Goldman Sachs Alternatives and additional credit facility commitments fortify BrightNight's standing as a leading U.S. renewable power platform.

NEW YORK, Oct. 7, 2024 /PRNewswire/ -- BrightNight, the next-generation renewable power producer built to deliver clean and dispatchable power solutions, today announced the successful closing of a $440 million strategic equity investment from Goldman Sachs Alternatives.

This investment, together 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.

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."

Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment, which will fund construction equity needs for BrightNight's projects.

Additionally, BrightNight announced the upsize of its corporate credit facility initially announced earlier this year from $375 million to $400 million. 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, Inc. and PJT Partners acted as financial advisors to BrightNight on Goldman Sachs Alternatives' investment and Taft Stettinius & Hollister acted as legal advisor. Jefferies LLC acted as sole financial advisor, and Weil, Gotshal & Manges LLC served as legal counsel to Goldman Sachs Alternatives.

Latham and Watkins and PEI represented BrightNight in the corporate credit facility transaction. Norton Rose Fulbright served as Lender Counsel.

About BrightNight

BrightNight is a leading renewable integrated power company designed to provide utility, commercial, and industrial customers with clean, dispatchable renewable power solutions. BrightNight works with customers across the U.S. to design, develop, and operate safe, reliable, large-scale renewable power projects optimized to manage the intermittent nature of renewable energy. Its deep customer engagement process, team of proven power experts, and industry-leading solutions enable customers to meet and exceed challenging energy sustainability standards, navigate rapidly changing grid dynamics, and facilitate the transition away from fossil fuel generation. BrightNight's industry-first 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. To learn more, please visit www.brightnightpower.com.

About Infrastructure at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs.

The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance by drawing on its global network and deep expertise across industries and markets.

The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world's leading institutions, financial advisors, and individuals. Goldman Sachs has over $2.9 trillion in assets under supervision globally as of June 30, 2024.

Established in 2006, Infrastructure at Goldman Sachs Alternatives has consistently navigated the evolving infrastructure asset class, having invested approximately $16 billion in infrastructure assets across market cycles since its inception. The business partners with experienced operators and management teams across multiple sectors, including energy transition, digital infrastructure, transportation & logistics, and circular economy & other.

View original content to download multimedia:https://www.prnewswire.com/news-releases/brightnight-closes-440-million-strategic-investment-from-goldman-sachs-alternatives-upsizes-corporate-credit-facility-to-400-million-302268814.html

SOURCE BrightNight

FAQ

What is the value of Goldman Sachs Alternatives' investment in BrightNight?

Goldman Sachs Alternatives made a $440 million strategic equity investment in BrightNight.

How much has BrightNight's corporate credit facility increased to?

BrightNight's corporate credit facility has been upsized from $375 million to $400 million.

What is the size of BrightNight's renewable power project portfolio?

BrightNight has a 31-gigawatt renewable power project portfolio, including solar, energy storage, and hybrid solutions.

Who is the CEO of BrightNight?

Martin Hermann is the Chairman and CEO of BrightNight.

How is BrightNight's corporate credit facility structured?

BrightNight's corporate credit facility is structured as a Green Loan, in alignment with Green Loan principles.