Wednesday, November 10, 2010

Borrego Solar Closes $36M Financing Fund

El Cajon-based Borrego Solar Systems, a venture-backed installer of grid-tied and public sector solar power systems, said today that it has closed on a second solar financing fund worth $36M. The new fund comes from U.S. Bank and East West Bank, and will be used for power purchase agreement (PPA) project financing. Borrego said the new fund is being used for a 1.2 megawatt system at MAdera Community Hospital, a 1.8 MW system at the San Diego County Water Authority, and for other new solar energy projects. The new finance fund comes on an earlier $20M from East West Bank. PPAs are used to finance the construction and installation of solar energy installations, allowing customers to pay back the costs of those over time rather than as a capital cost.