U.S. solar power plant developer BrightSource Energy Inc said late on Wednesday it is withdrawing its initial public offering, citing adverse market conditions.
BrightSource, which was seeking to raise up to $182.5 million through an IPO, said it intends to withdraw its registration statement that was filed with the U.S. Securities and Exchange Commission (SEC).
The company had planned to issue 6.9 million shares plus up to 1.35 million shares to its underwriters at a price between $21 to $23 per share.
"While we received significant interest from potential investors, the continued market and economic volatility are not optimal conditions for an IPO," Chief Executive John Woolard said in a statement. Woolard added that the company is in a strong financial position.
The company is building a 392 megawatt plant in California's Mohave Desert that will use solar thermal power rather than photovoltaic panels that turn sunlight directly into electricity.
Last year, BrightSource won a $1.6 billion loan guarantee from the U.S. Department of Energy to help reduce the financing costs of the project.
The project has also been backed by Google, which invested $168 million, and power producer NRG Energy, which may invest up to $300 million.
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