In the company’s Series D round of equity financing, BrightSource Energy has raised $150 million to bring its grand total in equity financing to more than $300 million. New investors include Alstom, with a commitment to invest up to $55 million, and the California State Teachers Retirement System.
“A Series D capital raise of this magnitude reflects the market’s confidence in our world-class team and the important role of our Luz Power Tower technology in meeting the growing global demand for cost-effective and reliable solar power,” said John Woolard, CEO of BrightSource. “By adding new strategic investors to our current blue-chip investor base, we strengthen our ability to make solar thermal energy a significant part of the world’s energy mix.”
The additional financing will go toward the company’s 2610MW in contracts with PG&E and Southern California Edison for building 14 solar power plants in the U.S. Southwest by 2016. In addition, the funds will help underwrite its international expansion plans.