BrightSource Probable Winner of 500-MW Solar Trust Project

June 26th, 2012 by Joshua S Hill

BrightSource Energy — solar utility juggernaut — appears to have won the bidding on an auction for the 500-MW Palen solar project in California, which was being sold by Solar Trust of America LLC after the company filed for bankruptcy in April.

Sources suggest that BrightSource Energy was the winning bidder for the project, and that the company is now awaiting court approval for the deal. Since those early repots, Bloomberg News has said BrightSource had confirmed that it was the highest bidder.

Unsurprisingly, the financial details of the deal have not been disclosed.

Existing solar thermal system at Ivanpah, California

The Palen project was set to be be built in Southern California and planned to use solar thermal troughs to generate up to 500-MW of power. But Solar Trust has recently been looking to sell the rights for the project — as well as its plans for the 1-GW Blythe project in California and the 500-MW Amargosa Valley project — after one of its parent companies, German firm Solar Millennium, filed for insolvency.

This latest acquisition — if true — will boost the BrightSource reputation as one of the world’s leading solar thermal developers.

Source: Business Green
Image Source: BrightSource Energy

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Tags: bankruptcy, Brightsource, brightsource energy, brightsource solar, California, california solar energy, Panel solar project, quickies, solar bankruptcies, solar bankruptcy, solar trust, solar trust bankruptcy, Solar Trust of America, Southern CAlifornia, Southern California solar

About the Author

Joshua S Hill I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.