Google invests $168m in Brightsource solar project

The investment finalizes $1.6 billion in US Department of Energy loan guarantees for the Mojave Desert solar energy project.

Google Inc. (Nasdaq: GOOG) has invested $168 million in Brightsource Energy Inc's Ivanpah thermosolar energy project in California's Mojave Desert. The investment follows a $300 million investment by NRG Solar LLC, and finalizes the $1.6 billion in US Department of Energy loan guarantees.

Brightsource Energy VP R&D and Engineering Israel Kroizer told "Globes", Brightsource Energy Executive VP Engineering, R&D and Product Supply, Israel Kroizer told "Globes", "Securing the financing for the Ivanpah project positions Brightsource as the world leader in thermosolar energy, and makes us a significant player in the alternative energy market."

Brightsource has raised $450 million to date in five financing rounds, not including funding for the Ivanpah project. Google is also an investor in the company, in addition to the investment in Ivanpah.

The Ivanpah project, to be completed by 2013, will provide electricity under separate power purchase agreements to Pacific Gas and Electric, and Southern California Edison.

Brightsource is also involved in the Ashelim thermosolar project in the Negev. The company's Israeli subsidiary Brightsource Industries (Israel) Ltd. and France's Alstom SA (LSE: ALS; Euronext: ALO) submitted a joint bid in the BOT tender for the 110-megawatt project. This is the only bid for this part of the tender (Plot B). The Ministry of Finance is scheduled to announce the start of negotiations with the bidders in a few weeks.

Published by Globes [online], Israel business news - www.globes-online.com - on April 12, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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