The infrastructure arm of Goldman Sachs Alternatives is investing $440m (€370.7m) in US renewable power platform BrightNight.
Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment, providing construction equity and maintaining its minority stake in the company.
BrightNight said the new investment from Goldman Sachs Alternatives, combined with existing capital, will fully finance its five-year business plan and accelerate the development of its 31GW renewable-energy project pipeline.
Cedric Lucas, a managing director in the infrastructure team at Goldman Sachs Alternatives, said: “Our investment demonstrates the strength of BrightNight’s platform and the differentiated solar and storage project portfolio Martin and the team have developed.
“We share a joint ambition to build a leading renewable independent power producer (IPP) and, through this partnership, we look to accelerate its growth by providing long-term capital backing and leveraging our firm’s capabilities and relationships in the sector.”
Teresa Mattamouros, a managing director in the infrastructure team at Goldman Sachs Alternatives, said: “Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonisation goals and both federal and state-level policy support.
“We have been impressed by BrightNight’s unique development approach, focusing on markets with attractive commercial dynamics and targeting high-value interconnection positions.”
Martin Hermann, the chairman and CEO of BrightNight, said: “BrightNight was founded on a unique combination of strengths that capitalise on strong secular energy transition tailwinds.
“We have quickly established a large and differentiated portfolio in high-demand growth markets seeking decarbonising renewable-energy solutions to meet growing load and reliability needs.”
Brian Boland, BrightNight’s CFO, said: “We are excited to announce our partnership with Goldman Sachs and have been fortunate to garner the support of world-class partners over the years.
“Goldman Sachs’ investment, together with our existing capital commitments and bank group, will help drive execution of our IPP business model and build-out of our utility-scale portfolio – delivering critical clean energy infrastructure to serve our customers across the US.”
To read the latest IPE Real Assets magazine click here.
