BrightSource Readying IPO?
BrightSource Energy is expected to win one of many approvals for its 392-megawatt Ivanpah solar plant today but the news has been overshadowed by rumors VentureWire reports that BrightSource has hired Morgan Stanley and Goldman Sachs to explore an IPO but it likely wouldn’t happen until the market for green energy IPOs improves.
A company spokesman declined comment to VentureWire.
The company has been polishing itself up, just yesterday announcing that former Edison International chief executive and National Resources Defense Council co-founder John E. Bryson would become chairman of its board.
The company hasn’t had much difficulty raising $330 million to this point, from investors including VantagePoint Venture Partners, Google.org and Chevron Technology Ventures.
BrightSource raised $150 million from large institutional investors, including the California State Teachers Retirement System, and conglomerate Alstom, in May. VentureWire reports that the company has since added another $30 million in financing from the Russian Venture Company, among others.
The money is in addition to the $1.37 billion loan guarantee from the federal government for the Ivanpah project, which is expected to win approval from the Calfornia Energy Commission today.
But with 2,610 megawatts of contracts with Pacific Gas and Electric Company and Southern California Edison, the company appears to be a few billion dollars short of what it needs to fulfill its commitment.