Four new underwriters are supporting the initial public offering of BrightSource Energy, a solar company, according to a new version of the company’s prospectus filed with regulators. Barclays Capital, Lazard Capital Markets, Robert W. Baird & Co. and Raymond James & Associates have joined the underwriting consortium, which is led by Goldman Sachs & Co., Citigroup Global Markets and Deutsche Bank Securities, the filing shows.
Four new underwriters are supporting the initial public offering of BrightSource Energy Inc., a solar company supported by substantial federal and private funding, according to a new version of the company’s prospectus filed with regulators Wednesday.
Barclays Capital, Lazard Capital Markets, Robert W. Baird & Co. and Raymond James & Associates have joined the underwriting consortium, which is led by Goldman Sachs & Co., Citigroup Global Markets and Deutsche Bank Securities, the filing shows.
BrightSource, whose massive and controversial Ivanpah power plant in the Mojave Desert is financed with a $1.6 billion federal loan and equity from Google Inc. and NRG Energy Inc., filed its IPO plans in April. The company plans to list on the Nasdaq Global Select Market under the symbol BRSE.
Oakland, Calif.-based BrightSource is developing utility-scale solar electric power systems that use concentrating mirrors. It is an expensive business. The company has amassed losses of $265.6 million since it was founded, including $88.4 million in the first six months of this year, according to the new filing. It expects losses to continue for the foreseeable future.
The Department of Energy, which in April gave BrightSource a $1.6 billion loan guarantee, has been under scrutiny for its support of development-stage energy companies since the bankruptcy of Solyndra LLC shone a spotlight on such programs.
The Ivanpah project has also been taken to court by Native American tribes and conservation groups who object to the location and scale of the project. A hearing is set for Oct. 31, according to Wednesday’s filing.
Besides Ivanpah, BrightSource is moving ahead with several other projects. It filed in August with California energy regulators to develop two 250-megawatt solar plants at Hidden Hills Ranch. This month production began at its Coalinga solar-to-steam project for Chevron Corp., and a 110-megawatt project in Israel with AlstomSA has been held up over pricing issues, according to the filing.
Chevron and Alstom both hold an equity stake in BrightSource. The company’s largest shareholder is VantagePoint Capital Partners. Morgan Stanley, Los Angeles Advisory Services Inc. and Draper Fisher Jurvetson are also significant shareholders.
Smaller backers have included BP Technology Ventures, Black River Asset Management, California State Teachers Retirement System, DBL Investors and StatoilHydro.
(This story was also published in Dow Jones VentureWire, a daily publication that covers news about start-ups and venture capital.)