Tuesday, July 31, 2012

Borrego Solar Creates New Solar Energy Fund

San Diego-based Borrego Solar Systems, the venture-backed financier and installer of solar power systems, announced this morning that it has close a new, $64.4M solar financing fund. Borrego said the new fund came from U.S. Bank (Minneapolis) and National Cooperative Bank (Washington, DC), and will go to finance solar energy projects for corporate, education, and municipal customers. Borrego Solar provides power purchase agreements (PPAs), which are used to help financing grid-tied, solar photovoltaic systems. The firm said it has now raised over $225M in capital. The new fund will specifically go towards 18 megawatts of solar energy across eight projects, including four municipal landfills and one school district.