Thursday, April 12, 2012

BrightSource Energy Withdraws IPO

Shattering hopes for the solar power market, Oakland-based BrightSource Energy said in a regulatory filing this morning that it is withdrawing its IPO. Citing "current market conditions", BrightSource said it has decided not to proceed with its initial public offering. BrightSource had been expected to IPO today, with reception of its IPO expected to reflect the interest of the market in alternative energy companies. BrightSource had set a pricing range of between $21.00 and $23.00 per share, expecting to raise around $210.1M in funding for its development of solar thermal power plants.