BrightSource Energy Plans For An IPO

It appears that BrightSource Energy, the company behind the development of the Ivanpah Solar facility, could be going public with its stock soon. According to Keating Capital, the company responsible for coordinating investments in BrightSource thus far, the energy company has  filed an” S-1 registration statement for a proposed initial public offering of up to $250 million of its common stock.”

In the statement, Keating says that the number of shares and the offering price have not yet been determined. According to the filing, Goldman Sachs, Citigroup and Deutsche Bank are involved as the lead underwriters.

Brightsource thermal array

image via California Air Resources Board

The news of the potential IPO comes just weeks after BrightSource secured capital from several other sources for the construction of Ivanpah. Not long ago we learned that BrightSource secured $1.6 billion in loan guarantees through the U.S. Department of Energy as well as a $168 million investment from internet giant Google. Earlier, NRG had pledged $300 million in funding for Ivanpah’s construction. According to Keating, there is no guarantee that the BrightSource IPO will be completed or, if completed, when it might occur.

BrightSource’s Ivanpah solar development is on track to become the largest solar power facility in the world. The project involves three different phases of “power tower” installations in southern California’s Mojave desert.  Construction on the facility is still expected to be completed sometime in 2013 and, when it is, the facility should be capable of generating up to 392 megawatts of power. The power from Ivanpah is being sold under separate contracts to Pacific Gas and Electric (PG&E), which gets about 2/3 of the power, and  Southern California Edison (SCE), which will take the other 1/3.

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