BrightSource Energy Inc., a developer of solar-thermal systems for electricity and enhanced oil production, withdrew its planned initial public offering, citing adverse market conditions.
The Oakland, California-based company said in a statement today that it intends to withdraw the registration it filed with the Securities and Exchange Commission.
“While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO,” John Woolard, BrightSource’s president and chief executive officer, was quoted as saying in the statement on Business Wire.
BrightSource anticipated raising about $210.1 million from the offering and a planned sale of shares to Alstom Power Inc. and Caithness Energy LLC’s development unit in a concurrent private placement, according to the March 30 SEC filing.
The company said it planned to spend the money raised from the share sale to develop U.S. solar-thermal power plants, which use mirrors to focus sunlight on boilers that make steam to drive turbines. The company has 13 contracts to sell power from projects totaling 2.4 gigawatts of capacity to the electric utilities of PG&E Corp. and Edison International, according to the filing.