BrightSource Energy announced yesterday that it would team-up with French power plant maker Alstom to build utility-scale solar power plants in Europe, the Middle East and North Africa.
The two companies did not disclose how much each would invest as part of the venture. The agreement follows Alstom’s $55 million investment in BrightSource Energy in May this year.
Today is agreements reflect the growing global demand for highly efficient, reliable and environmentally-responsible solar power plants,” said BrightSource Energy’s CEO John Woolard.
The international expansion comes a few weeks after BrightSource secured crucial state and federal regulatory approval for its 392-megawatt Ivanpah solar thermal power plant in the Mojave Desert in California.
The partnership resembles the agreement eSolar, the developer of concentrated solar thermal power technology, inked with Germany’sFerrostaal earlier this year to deploy solar power plants across Europe. Both ventures underscore how solar developers with thin balance sheet but promising technologies need to partner with larger, cash-rich companies to deploy, commercialize and eventually make money on that promising technology.