Report: BrightSource Planning IPO
BrightSource Energy, the Oakland, CA-based developer of large-scale solar energy plants, is preparing for an initial public offering in 2011, according to a report today in Dow Jones VentureWire. The company has hired investment banks including Goldman Sachs and Morgan Stanley to manage the offering, the report said. BrightSource has raised at least $330 million in financing from Draper Fisher Jurvetson, Morgan Stanley, and VantagePoint Venture Partners, as well as strategic investors Alstom SA, Black River Asset Management, BP Alternative Energy, the California State Teachers Retirement System, Chevron Technology Ventures, Google.org and StatoilHydro. BrightSource solar plants supplying electricity to Pacific Gas & Electric and Southern California Edison are due to open in 2013.