With concerns over how "dirty energy" like gas, oil, or coal impact the environment — namely large amounts of polluting gases linked to rising temperatures and pollution — renewable energy has become vital to the planet's health and its life forms. That is why Goldman Sachs Alternatives' massive $440 million investment in BrightNight is a big step in making clean energy the norm.
"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 (independent power producer) 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," stated BrightNight Chairman and CEO Martin Hermann in a release.
BrightNight's five-year business plan that includes a 31-gigawatt renewable power project portfolio now has full funding.
🗣️ Will America someday get all its energy from renewable sources?
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🔘 Yes — by 2050 ⏰
🔘 Yes — by 2070 ⏳
🔘 Probably never ❌
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Projects such as the Starfire Solar Project — which will convert coal mines into solar projects — are spread across the commercial, industrial, and utility industries. More residential customers demand cleaner energy, as evidenced by the increase in solar panel installations. This partnership is another win for clean-energy investments, which have doubled compared to dirty-energy investments this year.
As clean energy becomes standard and creates related jobs, utility companies can work on a more reliable and secure power grid that can quickly recover from and prevent outages.
According to Assurance Power Systems, such outages — often caused by larger storms influenced by the overheating planet — cost the United States $150 billion annually from data loss, food spoilage, property damage, and safety issues. With various resources available from geothermal, wind, water, and solar instead of just one dirty energy source, diverse communities can stay employed and empowered with clean electrical power.
"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, 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," said Cedric Lucas, managing director in infrastructure at Goldman Sachs Alternatives in a release.
This investment is another pivotal point in Goldman Sachs' ongoing commitment to clean energy. As stated in a release, Goldman Sachs Renewable Power LLC became independent of the main firm and renamed itself MN8 Energy in 2022.
By supporting companies and brands that roll out eco-friendly initiatives, consumers can make it clear that it's worth it to invest in projects like switching to clean energy sources.
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