SolarReserve Gets US $140M Series B Funding

SolarReserve, a developer of utility scale solar power plants, announced that it has closed a second round of funding totaling US $140 million. The new funds will enable the company to move forward with the development of more than 5,000 MW of utility scale power plants in locations across the globe.

The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI) and Credit Suisse’s Customized Fund Investment Group. Other investors include US Renewables Group, Good Energies, PCG Clean Energy & Technology Fund and Nazarian Enterprises. 

“The additional funding provides SolarReserve with the resources to aggressively pursue the expanding market for solar energy projects, and also provides SolarReserve’s potential clients with a resounding vote of confidence that its technology is commercially ready for the market,” said Lee Bailey managing partner and chairman of SolarReserve’s Board of Directors.

SolarReserve holds the exclusive worldwide license to the molten salt power tower solar technology developed by United Technologies Corporation (UTC). “The SolarReserve power tower, which utilizes molten salt to store the sun’s thermal energy, can dispatch hundreds of megawatts of electric power on-demand with zero carbon emissions,” said Terry Murphy, president and CEO of SolarReserve. “This technology is real, it’s reliable and it’s ready for worldwide deployment.”

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