Goldman Sachs Asset Management’s alternative investments platform Goldman Sachs Alternatives announced today a $440 million strategic investment in renewable power company BrightNight, with proceeds aimed at supporting the company’s independent power producer (IPP) business model and the buildout of its utility-scale portfolio across the U.S.

Teresa Mattamouros, Managing Director in Infrastructure at Goldman Sachs Alternatives, said:

“Demand for renewable energy continues to benefit from strong secular energy transition tailwinds, including substantial corporate decarbonization 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.”

Founded in 2019 as a renewables-focused independent power producer (IPP), Florida-based BrightNight works with utility, commercial and industrial customers across the U.S. and Asia Pacific to design, develop and operate large-scale hybrid renewable power projects, aimed at helping manage the intermittent nature of renewable energy. The company also utilizes proprietary AI-based software, PowerAlpha, to optimize the design, resource mix, and operational strategy to optimize projects for customers.

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 decarbonizing renewable energy solutions to meet growing load and reliability needs.”

The company said that the new investment, alongside existing capital commitments, will fully fund its five-year business plan, and advance execution of its 31-gigawatt renewable power project portfolio.

Cedric Lucas, Managing Director in Infrastructure 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.”