Sunday, April 29, 2012

Solar firm BrightSource Energy to trade on Nasdaq

Solar power plant developer BrightSource Energy is expected to begin trading on the Nasdaq exchange Thursday morning, in a closely watched initial public stock offering that could raise as much as $182.5 million.

The Oakland company had not set a share price Wednesday evening. But in a government filing last month, BrightSource projected offering 6.9 million shares at a range of $21 to $23 apiece.

The company will trade under the symbol BRSE.

BrightSource is building a series of solar power plants in the Mojave Desert, using fields of mirrors to concentrate sunlight on centralized towers and generate heat. The company's first $2.2 billion project - a collection of solar fields called the Ivanpah Solar Electric Generating System - boasts high-profile investors such as Google Inc. The federal government gave Ivanpah a $1.6 billion loan guarantee from the same program that funded ill-fated Solyndra of Fremont.

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