BrightSource Raises $80 Million In New Equity Financing Round


Concentrating solar power (CSP) company BrightSource Energy says it has raised more than $80 million in additional equity financing. The new round brings BrightSource's total equity financing to more than $615 million.

Alstom and VantagePoint Capital Partners led the round. Additional investors included DFJ, CalSTRS, DBL Investors, Goldman Sachs, Chevron Technology Ventures and BP Ventures, among others.

BrightSource and Alstom have also expanded geographic partnerships to build solar thermal power plants in India and Australia. The companies are also collaborating on a series of solar research and development activities focused on thermal storage and hybridization with fossil fuels.

BrightSource is currently constructing the 377 MW Ivanpah solar project in partnership with NRG Energy and Google. Ivanpah is now more than 60% complete, BrightSource says.

In April, BrightSource withdrew a planned initial public offering, blaming difficult market conditions.

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