* Proceeds to go to capital spending, working capital
* Company has lost $177.3 mln since its inception
* Construction on hold at Ivanpah second and third phases
* More desert tortoises found than originally expected
By Nichola Groom
(Adds byline, suspension of construction at solar plant)
LOS ANGELES, April 25 Solar power company
BrightSource Energy Inc filed with U.S. securities regulators
for an initial public offering of up to $250 million, a major
step toward what is likely to be one of the hottest clean
technology market debuts of the year.
BrightSource, which is building a massive solar thermal
power plant in the California desert, said it plans to use the
proceeds from the sale for capital expenditures and working
In a filing with the U.S. Securities and Exchange
Commission on Friday, the Oakland, California-based company
gave no details on how many shares it plans to sell or their
expected price. Nor did it disclose the symbol it will trade
under or the market where it will list the shares.
Goldman Sachs & Co, Citi and Deutsche Bank Securities would
underwrite the IPO, the company said.
The amount of money a company initially says it plans to
raise in its IPO is used to calculate registration fees. The
final size of the IPO can be very different.
In the filing, BrightSource said it has lost $177.3 million
since its inception through the end of 2010. For the year that
ended Dec. 31, 2010, the company had a net loss of $71.6
million, while operating activities used cash of $51.4
"We expect that our net losses and our negative operating
cash flows will continue for the foreseeable future, as we
increase our development activities and construct solar thermal
energy projects," BrightSource said.
Also in the filing, BrightSource said construction at the
second and third phases of its Ivanpah solar power project were
on hold pending the issuance of a revised biological opinion by
the U.S. Fish & Wildlife Service. Earlier this month, the U.S.
Bureau of Land Management ordered the company to suspend
construction on the second and third Ivanpah sites.
According to BLM spokeswoman Erin Curtis, many more of the
threatened desert tortoises had been found on the site than had
been originally anticipated. BLM now expects to find about 140
desert tortoises on the site compared with an original estimate
of about 40, Curtis said.
BrightSource would not comment specifically on the
suspension, citing SEC regulations.
According to the company's filing, affiliates of venture
capital firm VantagePoint Capital Partners hold a 24.9 percent
stake in BrightSource, the filing said, while French power
company Alstom SA (ALSO.PA) has a 17.8 percent stake. Morgan
Stanley (MS.N) has a 10.5 percent stake, while affiliates of
venture capital firm Draper Fisher Jurvetson have a 6.7 percent
The company's founder, Arnold Goldman, holds 7.5 percent of
BrightSource shares, while Chief Executive John Woolard has 1.6
(Reporting by Nichola Groom; editing by Steve Orlofsky and