SolarReserve Receives $27 Million From Stock Sale to ACS Cobra
SolarReserve Inc., a closely held developer of solar-thermal power plants, received $27 million in a sale of Series D preferred stock.
ACS Cobra, a unit of Madrid-based construction company ACS Group, was the only investor in the deal and has taken a “small, minority position” in SolarReserve, chief executive officer Kevin Smith said today in a telephone interview. He wouldn’t disclose the size of that position. The Santa Monica, California-based company disclosed the funding in a filing today with the U.S. Securities and Exchange Commission. It will be used for general corporate purposes, Smith said.
ACS Cobra also is building and providing equity for SolarReserve’s 110-megawatt Crescent Dunes project near Tonopah, Nevada. The plant is also funded with equity from Banco Santander SA (SAN) and $737 million in debt financing that carries a partial guarantee from the U.S. Department of Energy. It is expected to enter operation in late 2013 and will provide power for utility NV Energy Inc. for 25 years.
SolarReserve has raised a total of $187 million through equity offerings, Andi Plocek, a company spokeswoman, said today in an e-mail.
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