When complete the 392 MW Ivanpah Solar Electric Generating System will double the amount of solar thermal electricity produced in the United States. BrightSource will sell the electricity generated from the Ivanpah project through long term power purchase agreements (PPA) with California utilities Pacific Gas and Electric (PG&E) and Southern California Edison (SCE).
The Ivanpah PPAs are part of a slew of solar contracts between BrightSource and the two utilities. To meet the combined 2,600 megawatts under contract with PG&E and SCE, BrightSource announced that it has raised US$200 million in equity funding. The Series E funding was led by previous investors Vantage Point Venture Partners, Alstom, Chevron Technology Ventures and BP Technology Ventures.
In addition to supporting contracts in the United States, BrightSource will use the funds to further its international expansion, specifically projects in Africa.
Read the press release at BrightSource: BrightSource Energy Raises an Additional $200 Million of Equity Financing [pdf]
Image Credit: pgegreenenergy via Flickr
Energy Boom content is for informational purposes only and is not intended to be advice regarding the investment merits of, or a recommendation regarding the purchase or sale of, any security identified on, or linked through, this site.