SolarReserve Raises $140M

Santa Monica-based SolarReserve, a developer of utility-scale, renewable energy solar power plants, said today that it has raised $140M in a Series B funding round. The firm said the funding was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies, along with US Renewables Group, PCG Clean Energy & Technology Fund, Nimes Capital, and Credit Suisse. SolarReserve said it is looking to build more than 5,000 megawatts of utility scale power plants, based on technology developed by the Rocketdyne division of Hamilton Sunstrand, itself a subsidiary of United Technologies Corp. SolarReserve's technology is based on solar thermal technology, used to capture thermal energy from the sun and to drive steam turbines. The firm said more than $100 million has been invested to date by Rocketdyne, the US Department of Energy and others in the design and manufacture of the firm's components, in addition to the $140M in funding. SolarReserve was recently formed by US Renewables Group. More information »