BrightSource Energy Raises Additional Capital For Solar Initiatives

Posted by SI Staff on May 16, 2008 No Comments
Categories : FYI

BrightSource Energy Inc., developer of utility-scale solar energy projects, has secured $115 million in additional corporate funding from its Series C round of financing, bringing the total the company has raised to date to over $160 million.

VantagePoint Venture Partners, the company's initial investor, played a major role in forming the syndicate, which includes Google, BP Alternative Energy, StatoilHydro Venture and Black River. All of the company's existing investors, including Morgan Stanley, DBL Investors, Draper Fisher Jurvetson and Chevron Technology
Ventures, participated in this latest round of financing.

In March, BrightSource entered into a series of power purchase agreements with PG&E for up to 900 MW of electricity. The company is currently developing a number of solar power plants in the Mojave Desert of Southern California, with construction of the first plant planned to start in 2009.

SOURCE: BrightSource

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