Eight times brighter than the Moon?
Over its far smaller apparent size compared to the Moon, I assume? I don't see how this could possibly light things up enough that you wouldn't want street lights. It isn't as if street lights turn off when there's a full Moon, and there's no way this could come anywhere near the amount of light you get from a full Moon.
Are we sure this isn't Elon Musk in disguise? It sounds like one of his harebrained ideas.