BrightSource has recently declared that the leading engineering company, Bechtel, has become a part of BrightSource’s projects. Bechtel has not only become an investor, but it is also going to be overseeing the designing and constructing BrightSource’s solar thermal power facility.  In a recent move, BrightSource has become very active in acquiring and securing agreements to construct a 2.6 gigawatts worth of solar power plants. Till now, many researchers and industry analysts had expressed doubt on how BrightSource was going to gather together such an enormous amount to fund such an impressive endeavor.  Read more about Venture Capital in the Energy Industry Report

In its continuous efforts to secure funding, BrightSource has been faced with a lot of difficulties, particularly for the construction of the solar thermal power projects. Many banks have already stated that they would go ahead with funding for proven solar technologies, but not the solar thermal technology.

BrightSource can now breathe a sigh of relief as it secures Bechtel as a major investor. Further to this, Bechtel has also become an equity investor in the Ivanpah Solar Electricity Generating System project of BrightSource. Now to be constructed by Bechtel, the Solar electricity Generating System is going to be located in the Mojave Desert and is going to be comprised on three solar power plants.

Further to the funding commitment from Bechtel, BrightSource has also secured a loan guarantee from the United States Department of Energy, which experts are saying is going to go a long way in helping BrightSource secure further funding. Apart from Bechtel and the loan guarantee, BrightSource is still looking for further funding as Bechtel is not going to be funding the entire Ivanpah Solar Electricity Generating System project.

Solar power has been developing at a rapid pace all around the world lately and it is expected that in the near future, most of the United States’ energy requirements are going to be met through solar power and wind power. It might be that after the initial success of BrightSource’s solar thermal power project, banks and other investors become more optimistic and start investing in the project. That would definitely help out BrightSource in furthering its projects in the field of solar thermal power.

One cannot deny the fact that solar power is here to stay. Many companies, apart from BrightSource, are developing similar projects that aim at making green the energy producing systems and also help in meeting the overall energy needs of this energy hungry world.