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Oak Investment Partners leads $22m investment in California’s eSolar

18 Sep 2013

California-based concentrated solar power (CSP) developer eSolar has raised $22m in funding from a number of existing investors including private equity firm Oak Investment Partners.

The company said it will use the funding to support its expansion into the Middle East and North Africa (MENA) region, and for development of its next generation heliostat.

ESolar, which is already backed by GE Energy, is currently exploring new applications for its technology in the region, where CSP plants can be used to produce steam for use in enhanced oil recovery.

“Demand for solar thermal technology in the oil industry is surging, and eSolar’s dispatchable power block is an ideal solution for enhanced oil recovery in these remote environments,” said Bandel Carano, managing partner of Oak Investment Partners.

“eSolar has made tremendous strides in lowering the cost of its technology while broadening its applications, and we see significant growth potential for the company across numerous markets in years to come.”

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