BrightSource Energy Names Thomas O’Flynn to Board of Directors

Appointee Brings More Than Two Decades of Energy Finance and Utility Experience to BrightSource Board

OAKLAND, Calif.--(BUSINESS WIRE)--BrightSource Energy, Inc., developer of utility-scale solar thermal power plants, announced today that it has appointed Thomas O’Flynn to the company’s board of directors. O’Flynn is the chief operating officer and chief financial officer of Transmission Developers, Inc. (TDI). He is also a senior advisor to The Blackstone Group.

“We’re 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.”

“Tom’s 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. “We’re 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.”

O’Flynn 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. O’Flynn also spent 15 years as an investment banker to the sector in Morgan Stanley’s 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.

O’Flynn graduated from Northwestern University in 1982 with a B.A., Economics and from the University of Chicago in 1986 with an MBA, Finance. O’Flynn 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 BrightSource’s board of directors following the company’s 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 world’s 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 world’s 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 Energy’s 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.