Tuesday, February 14, 2012

Borrego Solar Finds $47 Million For Solar Energy Projects

San Diego-based Borrego Solar Systems, the venture-backed installer of solar photovoltaic power systems, said today that it has closed on a new, $47M financing fund. The new fund comes from U.S> Bank and East West Bank, and will go to finance solar energy projects for its corporate, education, and municipal customers. The fund will go to fund Power Purchase Agreements (PPAs). PPAs are the long term, power buying projects being used to finance expensive solar power installations. Users of solar power systems generally agree to pay a specific price for power generated from a photovoltaic installation, the upfront cost of which is covered by the financing fund. Borrego Solar said the new fund will go towards six megawatts of solar energy systems in California, including ten projects for three school districts; the fund will also go towards two Massachusetts solar power installations.