BrightSource Energy is an Oakland, California, corporation that designs, builds, finances, and operates utility-scale solar power plants.Greentech Media ranked BrightSource as one of the top 10 greentech startups in the world in 2008.
BrightSource was formed with seed capital from VantagePoint Venture Partners. It secured $115 million in additional corporate funding from its Series C round of financing in May 2008. This brings the total the company has raised to date to over $160 million. Investors include Google.org, BP Alternative Energy, Morgan Stanley, DBL Investors, Draper Fisher Jurvetson, Chevron Technology Ventures, Statoil Venture, and Black River.
BrightSource Industries (Israel) Ltd., formerly named Luz II Ltd., is a wholly owned subsidiary of BrightSource Energy, Inc. Based in Israel, BrightSource Industries is responsible for solar technology development, plant design and engineering.
In March 2008, BrightSource entered into a series of power purchase agreements with Pacific Gas and Electric Company (PG&E) for up to 900 MW of electricity.BrightSource is currently developing a number of solar power plants in Southern California, with construction of the first plant planned to start in 2009.
In February 2009, BrightSource contracted to sell power from seven solar power towers in the Mojave Desert to Southern California Edison (SCE). The plants will have a combined capacity of 1,300 MW, producing 3.7 billion kilowatt-hours per year. The first 100 MW plant, part of BrightSource's 400 MW, 3,900-acre (16 km2) Ivanpah Solar Power Facility, could be operating by 2013.The total cost of the Ivanpah project will be $2.2 billion.
In 2010, BrightSource hired Morgan Stanley and Goldman Sachs to begin preparations for a public offering in 2011. Its fourth round of equity financing in May netted $150 million, bringing total equity financing to $330 million to date.
In April 2011, BrightSource filed with the SEC to raise up to $250 million in an initial public offering.
In April 2011, The U.S. Department of Energy closed on a $1.6 billion loan guarantee for BrightSource Energy that will "create or save" 86 permanent operations and maintenance jobs ($18.6 million per job).
In November 2011, Google announced that they would stop investing in CSP projects due to the rapid price decline of photovoltaics. Google spent $168 million on BrightSource. In December 2011, Google and KKR & Co. announced an agreement to invest in four California solar power plants with total capacity of 88 megawatts.
In December 2011, The California Energy Commission (CEC) began to review a proposed 750 MW Rio Mesa Solar Project in Riverside County, California. BrightSource Energy Inc. is the developer for this project.
BrightSource Energy has plans to build a 960 MW (1,290,000 hp) solar thermal power plant in Coyote Springs and would be on line by 2012.
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