BrightSource Energy Inc. (BRSE:US), the U.S. solar-thermal developer that canceled plans for an initial public offering, received $80 million in equity investments led by its two biggest backers (BRSE:US) to expand its operations into new regions.
Alstom SA, Europe’s second largest power-equipment company, led the investment round with the venture capital company VantagePoint Capital Partners, Oakland, California-based BrightSource said today in a statement.
Alstom also agreed to collaborate with BrightSource on solar-thermal power projects in India and Australia, advancing a 2010 partnership focused on Africa and the Mediterranean region. Siemens AG (SIE), Europe’s largest power-equipment maker, said Oct. 22 it’s seeking a buyer for its solar-thermal operation.
The financing comes six months after BrightSource withdrew its IPO registration, citing adverse market conditions. The company is almost 60 percent done with its first commercial- scale power plant, the 377-megawatt Ivanpah project in southern California. It completed a 29-megawatt demonstration facility for Chevron Corp. (CVX:US) in Coalinga, California, last year that generates steam for enhanced oil recovery.
The financing also included existing backers Draper Fisher Jurvetson, DBL Investors LLC, Goldman Sachs Group Inc. (GS:US), California State Teachers’ Retirement System and the venture capital units of Chevron and BP Plc (BP/), according to the statement.
BrightSource’s solar-thermal systems use mirrors to focus sunlight on a boiler atop a central tower, generating steam that drives a turbine and creates electricity.
Alstom and VantagePoint owned 19.9 percent and 24 percent of BrightSource, respectively, as of March 30, according to a filing.
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