BrightSource Will Get $300M from NRG

10/27/10

BrightSource Energy, the Oakland, CA, company building a massive, 392-megawatt solar thermal plant in Ivanpah in California’s Mojave Desert, said today that NRG Solar, a subsidiary of Princeton, NJ-based NRG Energy (NYSE: NRG), will become the lead investor in the project, contributing up to $300 million over the next three years. The plant, which is expected to be completed in 2013, is also backed by $1.4 billion in loan guarantees from the U.S. Department of Energy. BrightSource and NRG plan to sell electricity generated at the plant to Southern California Edison and PG&E.

Wade Roush is a contributing editor at Xconomy. Follow @

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