SolarReserve closes $140m Series B funding

SolarReserve has closed a second round of funding, totaling $140 million.

It is being said that now the company has financial resources to aggressively pursue the expanding market for large scale solar energy projects.

With this funding, the company will advance its development of more than 5,000 megawatts (MW) of utility scale power plants in locations across the globe, each ranging in size from 50MW to 300MW.

The financing was led by the renewable energy private equity group within Citi Alternative Investments, Sustainable Development Investments (SDI), and Good Energies.

Other investors include US Renewables Group, the founding investor in SolarReserve, along with PCG Clean Energy & Technology Fund (CETF), Nimes Capital, LLC and Credit Suisse.

United Technologies Corp. subsidiary Hamilton Sundstrand and its Rocketdyne division has provided SolarReserve with the exclusive worldwide licence for its breakthrough solar energy technology.

On the occasion, Terry Murphy, president and CEO, SolarReserve said, "We're turning the sun into the solution."

"Our facilities are engineered by the same team at Rocketdyne that built the Space Station power systems, the Space Shuttle main engines and the Apollo moon rocket propulsion systems. The molten salt power tower was thoroughly validated by the Department of Energy at the Solar Two pilot plant and it's ready for worldwide deployment," said Murphy.

The SolarReserve team, both solely and in cooperation with other energy firms, is developing a portfolio of opportunities to deploy solar energy plants in the US, Europe, Africa, the Middle East, Latin America and Australia.