Tuesday, June 21, 2011

Borrego Solar Ups PPA Fund To $100M

El Cajon-based Borrego Solar Systems, the solar power installer, developer and financing firm, said today that it has raised the amount of project financing available from the firm to more than $100M. The firm said it closed its latest fund with U.S. Bank and East West Bank, to finance new solar energy projects in Massachusetts, New Jersey and California. The funding will go towards solar PPAs (power purchase agreements), financing arrangements which pay for the installation of solar power equipment, in exchange for a long-term payments of negotiated energy rates for that solar power.

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