The new round brings BrightSource’s total equity financing to more than $300 million and positions the company for significant growth. As part of the financing, global power-generation leader Alstom has committed to invest up to $55 million in its first move into the solar market.
The additional financing will be used to support BrightSource's 2,610 megawatts in contracts with Pacific Gas and Electric Company (PG&E) and Southern California Edison to build 14 solar power plants in the US southwest by 2016. The funds will also be used by BrightSource to further its international expansion plans.
“BrightSource Energy’s market-leading solar-tower thermal-power technology complements Alstom’s strong portfolio of renewable energy solutions, building on our strength in hydro, geothermal, wind, tidal power, biomass and waste-to-energy solutions. Following this investment, both companies intend to enter into an industrial relationship, which will enhance BrightSource’s leading position in this industry,” said Philippe Joubert, Alstom Power President.
In February 2010, BrightSource received a conditional commitment from the U.S. Department of Energy for $1.37 billion in loan guarantees to support the financing of BrightSource’s Ivanpah Solar Electric Generating System project – the first of its US-based power projects. Once constructed, Ivanpah will be the world’s largest solar energy project, nearly doubling the amount of solar thermal electricity produced in the US today.
BrightSource Energy provides clean, reliable and low cost solar energy for utility and industrial companies worldwide. BrightSource Energy’s solar plants are designed to minimize their impact on the environment and help customers reduce their dependence on fossil fuels.
Headquartered in Oakland, California, BrightSource Energy is a privately held company with operations in the United States, Israel, and Australia. BrightSource Industries (Israel), formerly known as Luz II, headquartered in Jerusalem, is a wholly-owned subsidiary of BrightSource Energy." (source)
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