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Solar startup BrightSource raises $80 mln, eyes India

Source : REUTERS
Last Updated: Thu, Oct 25, 2012 17:10 hrs
Children are seen working at a site in front of a thermal power plant in Ahmedabad

LOS ANGELES (Reuters) - 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 canceling 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 startup to more than 20 percent, 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 up to $182.5 million.

(Reporting By Nichola Groom; Editing by Kenneth Barry)



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