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BrightSource raises $80 Million and Has Eyes on India

BrightSource Energy Inc, which is developing solar thermal power plants in the California desert, has raised more than $80 million in equity financing six months after cancelling a planned initial public offering at the last minute.

Alstom SA contributed $40 million to the financing round, bringing its stake in the Silicon Valley start-up to more than 20%, the French power equipment maker said in a statement on Thursday.Other participants in the financing round included VantagePoint Capital Partners, DFJ, the California State Teachers’ Retirement System, DBL Investors, Goldman Sachs Inc, Chevron Technology Ventures and BP Ventures.

BrightSource has raised more than $615 million in equity financing to date. It said it plans to expand its partnership with Alstom to develop solar thermal power plants in India and Australia.

The company’s first major project, the $2.2 billion Ivanpah plant in California, is nearly complete. The 377-megawatt plant is backed by a $1.6 billion government loan guarantee and is expected to enter service in 2013.BrightSource withdrew its IPO in April, citing adverse market conditions. It had been seeking to raise $182.5 million.

Comments (1)

  • Dedi

    Since you mention cost, I’m gisseung your main goal would be saving money? Solar can do that, but it would be a large upfront cost, and perhaps 10 years to get your money back, after which you start saving money. That would be in a good area, like California. The most cost-effective system you can install today would be a grid-tied one. You would check with a solar installer to see how much that would cost.The best way to save money immediately is to turn the A/C thermostat up to what you can stand. In Wyoming, they had the A/C at 80 degrees, and it felt great (dry air).The best way to save money quickly but not instantly is to add shade and insulation to your house.

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