Monday, August 3, 2009
Borrego Solar Gets Into Solar Finance With $30M In Funding
El Cajon-based Borrego Solar Systems, a venture-backed installer of solar power systems, is extending into the power-purchase agreement (PPA) market today with $30M in new backing. According to Borrego, it will offer financing to schools, companies, and government organizations interested in solar energy, through $30M in backing from Walsin Lihwa, a current investor in the company. Borrego said it will finance more than $100M in power purchase agreements--where companies and other organizations agree to purchase power from the firm over several years, instead of pay outright for solar power equipment installation--directly, without going through a third party finance firm. Borrego said it had $58M in revenue and over $90M in contracts at the end of 2008. The firm sold off its residential business back in February, and has since been focused exclusively on commercial solar installations.