BrightSource Energy, Inc., developer of utility-scale solar thermal
power plants, announced today that it has appointed Thomas OFlynn to
the companys board of directors. OFlynn is the chief operating officer
and chief financial officer of Transmission Developers, Inc. (TDI). He
is also a senior advisor to The Blackstone Group.
“Were thrilled to have him join our stellar Board as we
continue to execute on our 2,610 megawatts of contracts with PG&E and
Southern California Edison, and further our international expansion.”
Toms deep background in energy finance and unique knowledge of the
utility landscape makes him an excellent addition to our board of
directors, noted John Woolard, president and CEO of BrightSource
Energy. Were thrilled to have him join our stellar Board as we
continue to execute on our 2,610 megawatts of contracts with PG&E and
Southern California Edison, and further our international expansion.
OFlynn is a seasoned energy executive with 24 years of experience in
the power industry including eight years as chief financial officer of
the major utility Public Service Enterprise Group (PSEG) where he was
responsible for a broad range of PSEG corporate and operating financial
and strategic functions. OFlynn also spent 15 years as an investment
banker to the sector in Morgan Stanleys Global Power and Utility Group
in the Investment Banking Division. He served as managing director for
his last five years and as head of the North American Power Group from
2000-2001. He was responsible for senior client relationships and led a
number of large merger, financing, restructuring and advisory
transactions.
OFlynn graduated from Northwestern University in 1982 with a B.A.,
Economics and from the University of Chicago in 1986 with an MBA,
Finance. OFlynn served as a member of the Board of Directors of Edison
Electric Institute from 2006-2008, as chairman of the Finance Executive
Advisory Committee. He also served as a member of the Board of Directors
of Nuclear Electric Insurance Limited from 2003-2009, as chairman of the
Finance Committee from 2007-2009. He is on the Boards of the New Jersey
Performing Arts Center and the Newark Museum.
O Flynn joins BrightSources board of directors following the companys
most recent round of financing in May 2010, where it raised
more than $150 million from existing and new investors. The company
has now raised more than $300 million dollars from blue chip investors
including VantagePoint Venture Partners, Alstom, Morgan Stanley,
CalSTRS, Draper Fisher Jurvetson, DBL Investors, Chevron Technology
Ventures, Google.org, BP Alternative Energy and HydroStatOil.
BrightSource is currently developing 14 projects in the southwest U.S.
to meet its 2,610 megawatts of contracts with PG&E and Southern
California Edison. Its first U.S. project, the Ivanpah
Solar Electric Generating System, is scheduled to begin construction
in fall 2010. Once constructed, Ivanpah will be the worlds largest
solar energy project, nearly doubling the amount of solar thermal
electricity produced in the United States today. In February 2010, the
company received a conditional loan guarantee of $1.375 from the U.S.
Department of Energy to aid in construction of the Ivanpah project. The
project will be constructed by Bechtel, create more than 1,000 local
jobs at the peak of construction and generate $250 million in
construction wages. BrightSource expects to commence construction later
this year.
About BrightSource Energy, Inc.
BrightSource Energy, Inc. provides clean, reliable and low cost solar
energy for utility and industrial companies worldwide. The BrightSource
Energy team combines nearly three decades of experience designing,
building and operating the worlds most efficient utility-scale solar
energy plants with world-class project development capabilities. The
company now has contracted to sell 2610 megawatts of power to be
generated using its proprietary solar thermal technology. BrightSource
Energys solar plants are designed to minimize their impact on the
environment and help customers reduce their dependence on fossil fuels.
Headquartered in Oakland, Calif., BrightSource Energy is a privately
held company with operations in the United States, Israel, and
Australia. To learn more about BrightSource Energy and solar thermal
energy, visit www.brightsourceenergy.com
Source: Business Wire
