The company has also mutually agreed with Pacific Gas and Electric to terminate the sale plan of the generated power from the proposed plant.

The proposed project was expected to have two 250MW power plants, which use mirrors to focus sunlight on boilers that produce steam to power the turbines to generate electricity.

The project was accounted to be around $2.7bn, reports the Bloomberg.

BrightSource spokesperson Keely Wachs was quoted by Bloomberg as saying that the company would now focus on the 500MW Palen Solar Electric Generating Station, which was acquired in August 2012.

Palen Solar Electric Generating Station had secured an approval from the California Energy Commission.