BrightSource Energy designs, develops and sells concentrating solar thermal power systems that deliver reliable and cost-competitive solar energy to utilities and industrial companies.
BrightSource Energy is seeking to raise up to $182.5 million through an initial public offering of its shares, the concentrating solar power plant developer said in a regulatory filing.
BrightSource said in a filing with the U.S. Securities and Exchange Commission that it planned to issue 6.9 million shares plus up to 1.35 million shares to its underwriters at a price between $21 to $23 per share.
The company, which first filed for an initial public offering in April 2011, is building a 392 megawatt solar power plant in California’s Mohave Desert that will use solar thermal power rather than photovoltaic panels that turn sunlight directly into electricity.
The Ivanpah plant, which began construction in 2010, uses thousands of mirrors to focus sunlight onto a receiver that sits on top of a tower. That sunlight heats water inside the tower, creating steam that is used to power an electrical generator.
Last year, BrightSource won a $1.6 billion loan guarantee from the U.S. Department of energy to help reduce the financing costs of the project.
The Ivanpah project has also been backed by Google, which invested $168 million, and power producer NRG Energy , which may invest up to $300 million. Goldman Sachs & Co, Citi and Deutsche Bank Securities are the underwriters for the IPO.
BrightSource recently launched a new concentrated solar power plant solution for its utility customers that combines the company’s high-efficiency LPT solar thermal technology with proven two-tank molten-salt storage capabilities.