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Ivanpah solar developer cancels planned IPO
BrightSource Energy called off its planned initial public offering this week but the company says its finances are still strong.
In a statement, BrightSource CEO John Woolard said the move reflected a reaction to adverse market conditions and not problems with the company’s balance sheet.
The clean energy corporation is developing several projects in the Mojave Desert, including the Ivanpah solar project near Primm and the Rio Mesa solar project near Blythe in Riverside County.
BrightSource received a $1.37 billion federal loan for the $2.2 billion Ivanpah project.
The move comes as several prominent solar energy companies have faced increased financial difficulties. Solar Trust of America, which was developing what would have been the world’s largest solar power plant near Blythe, filed for bankruptcy last week, citing financial difficulties that came from its parent company’s bankruptcy in Germany.
BrightSource had been planning its IPO for nearly a year.
Environmentalists sue over Tehachapi project
The Center for Biological Diversity, Sierra Club and Defenders of Wildlife sued the Bureau of Land Management Friday in an attempt to stop a proposed wind project near Tehachapi. The NextEra Energy project would construct 100 wind turbines on 12,781 acres of land.
The project would harm the endangered California condor, the groups said.
They argued that the BLM did not consider the use of an access road and power transmission lines leading to the wind turbines when evaluating the impact the project would have on animal species in the area.
The project “will significantly impact and harm endangered California condors, endangered southwestern willow flycatchers, federally protected golden eagles, and numerous other migratory bird species,” the groups argued.
In approving the project, the Kern County Board of Supervisors determined that no condors had been found within 18 miles of the project.
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