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BrightSource Energy cancels IPO

by Claire Poole  |  Published April 12, 2012 at 12:49 PM
Oakland, Calif., solar power company BrightSource Energy Inc. withdrew its $180 million initial public offering because of market conditions, according to a filing Thursday, April 12, with the Securities and Exchange Commission.

The company had planned to offer 6.9 million shares at $21 to $23 a share. Goldman, Sachs & Co. was the IPO's lead underwriter along with Citigroup Inc. and Deutsche Bank AG.

BrightSource CEO John Woolard said in a statement late Wednesday that the company received significant interest from potential investors but continued market and economic volatility aren't optimal conditions for an IPO.

Its backers include VantagePoint Capital Partners, Alstom Power Inc., Morgan Stanley, Los Angeles Advisory Services Inc., Draper Fisher Jurvetson, BP plc, Chevron Corp., Statoil ASA and DBL Investors.

NRG Energy Inc. has committed $300 million and Google Inc. $168 million to its 392-megawatt Ivanpah power plant in the Mojave Desert, which will be the largest solar thermal power plant in the world once completed in 2013. BrightSource has received $1 billion in loan guarantees from the U.S. Energy Department to reduce financing costs and has contracts to sell power to large utilities, including PG&E Corp. and Edison International. It lost $111 million on $159 million in sales last year.

Alan Talkington and Brett Cooper at Orrick, Herrington & Sutcliffe LLP were counseling BrightSource. Richard Aftanas at Skadden, Arps, Slate, Meagher & Flom LLP counseled the underwriters.
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Tags: Alan Talkington | Alstom Power Inc. | BP plc | Brett Cooper | BrightSource Energy Inc. | Chevron Corp. | Citigroup Inc. | DBL Investors | Deutsche Bank AG | DOE | Draper Fisher Jurvetson | Goldman Sachs & Co. | IPO | John Woolard | Los Angeles Advisory Services Inc. | Mojave Desert | Morgan Stanley | NRG Energy Inc. | Orrick Herrington & Sutcliffe LLP | Richard Aftanas | SEC | Securities and Exchange Commission | Skadden Arps Slate Meagher & Flom LLP | solar power | Statoil ASA | VantagePoint Capital Partners

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Claire Poole

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