BrightNight, an independent renewable power producer, has secured a $440 million strategic investment from Goldman Sachs Alternatives‘ Infrastructure division.

The company said the transaction is expected to close in September 2024.

BofA Securities and PJT Partners acted as financial advisors to BrightNight, while Jefferies LLC served as the sole financial advisor and Weil, Gotshal & Manges as legal counsel to Goldman Sachs Alternatives.

Martin Hermann, Chairman and CEO of BrightNight, 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 decarbonization.”

Teresa O’Flynn, Managing Director in Infrastructure at Goldman Sachs Alternatives, said, “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.”

Global Infrastructure Partners will continue to support BrightNight with its existing capital commitment.

Goldman Sachs Alternatives invests across various alternatives, including private equity, growth equity, private credit, real estate, infrastructure, hedge funds, and sustainability.

Last month, BrightNight was one of the winners in the Maharashtra State Electricity Distribution Company’s auction to supply 500 MW of wind-solar hybrid power on a long-term basis from grid-connected intrastate projects with an additional greenshoe option of up to 500 MW.

The company was among the winners in NTPC’s auction to supply 3 GW of firm and dispatchable power from ISTS-connected renewable energy projects in India.

BrightNight and its joint venture partner Cordelio Power secured a $414 million construction credit facility to develop a 300 MW Box Canyon utility-scale solar project in Pinal County, Arizona. The construction of the solar project began in December 2023 and is expected to begin operations in 1H 2025.