Based on its success thus far, solar company BrightSource Energy Inc raised its current fundraising from $100 million to $125 million. The funding will allow the company to pursue projects in the U.S. and internationally, building on its project pipeline of more than 2,700 megawatts (MWs) of solar thermal projects.

On March 14, the company submitted a Form D to the U.S. Securities and Exchange Commission, raising its fundraising goal. The company originally filed to raise the $100 million on Dec. 28, 2010, and has exceeded that goal. As of the filing, it had raised $122.5 million with this round of funding. Overall, the company has raised a little more than $450 million, according to BrightSource spokesperson Keely Wachs.

BrightSource is developing the 392-MW Ivanpah Solar Electric Generating System in California’s Mojave Desert. When completed, it will be the first new solar thermal towers system in the U.S. in more than 20 years and the world’s largest such system. It will consist of three solar-thermal tower plants and provide a total of 370 MWs split between California’s two largest utilities, Southern California Edison and Pacific Gas & Electric Co.

In all, BrightSource has about 2,600 MWs of solar contracted in the U.S. BrightSource will use this round of funding to support other developments, according to Wachs.

“The funds will be used for primarily international expansion and for development of our next projects in the U.S.,” he said. “We have 5 more for Pacific Gas & Electric and six more for Southern California Edison, a total of 14 projects including the three at Ivanpah.”

The funds will also allow the company to expand its interests internationally. BrightSource has reached an agreement with French company Alstom, which is also an investor, to look at developing solar thermal projects in the Mediterranean, southern Europe and Africa, according to Wachs.

Already BrightSource’s Israeli subsidiary has a bid in for a 110-MW project in that country, and it has a 38-MW project with Nur Energy in Crete, Wachs said. While the company will develop the projects in the U.S. it will take a different approach internationally and license the technology to the project developers, he said.

“The development takes a very special skill set,” he said. “It’s more optimal to have other companies developing [projects in their country].”

Image courtesy of BrightSource Energy.