Alstom teams with BrightSource to increase solar focus

BrightSource Energy has teamed up with Alstom (Euronext:à‚ ALO) and VantagePoint Capital Partners to raise over $80m in equity investments.

The solar thermal power specialist has now raised total financing of $615m for future growth initiatives.

Solar power

Additional investors include DFJ, CalSTRS, DBL Investors, Goldman Sachs, Chevron Technology Ventures and BP Ventures, among others reports Recharge News.

As part of the financing round, BrightSource, based in Oakland, California, and Alstom have expanded geographic partnerships to build solar thermal power plants in India and Australia.

In October 2010, the companies announced they would work together in countries bordering the Mediterranean and in Africa.

They are also collaborating on a series of solar research and development activities focused on thermal storage and hybridization with fossil fuels.

à‚ “Strengthening our partnership with BrightSource Energy enhances our development towards providing fully integrated solar thermal power plants,” says Jéràƒ´me Pécresse, president of Alstom Renewable Power.

“This reinforces solar thermal power’s position at the heart of Alstom’s strategy providing leading renewable power solutions spanning hydro, wind, geothermal, ocean and biomass.”

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