California, United States [RenewableEnergyWorld.com] BrightSource Energy, Inc. has secured US $115 million in additional corporate funding from its Series C round of financing, bringing the total the company has raised to date to more than US $160 million. These additional funds could enable the company to accelerate its plans to deliver utility-grade solar power at a time when many utilities are searching for reliable sources of renewable energy.
In March 2008, BrightSource entered into a series of power purchase agreements with PG&E for up to 900 megawatts (MW) of electricity. As a result BrightSource is currently developing a number of solar plants in the Mojave Desert of Southern California, with construction on the first plant planned to start in 2009.
“The quality of the investors in this round of financing, coupled with increased support from our earlier investors, underscores the confidence that major strategic players have in our ability to reliably generate clean, cost-effective, utility-scale solar power,” said John Woolard, CEO of BrightSource. “We believe in the transformational role of solar energy, and that the broad reach of our new investors will enable us to accelerate the growth of solar thermal into a mainstream energy source.”