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Back You are here: Home Business Finance BrightSource cancels I.P.O.


BrightSource cancels I.P.O.

California-based solar thermal company BrightSource Energy, Inc. canceled its planned initial public offering, citing “adverse market conditions.”

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“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an I.P.O.,” said John Woolard, president and chief executive of BrightSource.

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“As a company, we’ve consistently made decisions in the best interest of our shareholders, employees and customers, and we will continue to do so. Fortunately, we’re in a strong financial position and have the support of world-class investors and partners,” Mr. Woolard was quoted in the company’s statement as saying.

No further details were discussed about the company’s decision.

BrightSource, the Oakland, California-based company which has distinguished itself for building the largest solar thermal projects in the U.S., submitted its S-1 filing with the Securities and Exchange Commission for an I.P.O. worth $250 million.

According to Mr. Woolard, the canceling of their planned I.P.O. will not impact the business, adding the company’s pipeline of Unites States contracts puts them in a leading position in the U.S. solar thermal energy sector.

One of BrightSource’s biggest projects is the 395-megawatt Ivanpah Solar Electric Generating System in the Mojave Desert in California.

The project, said to be the world’s largest, began construction in October 2010 and is expected to be done by the end of 2013.

BrightSource has 14 power purchase agreements in place with California utility Pacific Gas & Electric and Southern California Edison, three of which will be fed by the Ivanpah project.

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