Spooked by market conditions, CSP firm BrightSource Energy has cancelled plans for a US stock market listing. Noting a claimed strong financial position and committed investors, management said that the failed IPO would not impact its operations or project pipeline.
.“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” said John Woolard, president and CEO of BrightSource Energy. “As a company, we’ve consistently made decisions in the best interest of our shareholders, employees and customers and we will continue to do so. Fortunately, we’re in a strong financial position and have the support of world-class investors and partners.”
BrightSource’s Ivanpah CSP project remains the first of 13 power plants with more than 2.3GW of contracts with Pacific Gas & Electric Company and Southern California Edison.
“With our pipeline of U.S. contracts and our flagship Ivanpah project, we have established a leading position in the domestic solar thermal energy space,” added Woolard. “We will continue to execute on our business plan to grow domestically and expand internationally to meet the growing demand for our technology.”