Wednesday, February 4, 2009

Borrego Solar Lands $14M

El Cajon-based Borrego Solar Systems, a developer of grid-tied solar electric power systems, announced this morning that the firm has received $14M in a venture financing round. The firm, which installs commercial, residential, and public solar power systems, said it will use the funding to fuel a major geographic expansion of its services. Source of the venture financing was not disclosed. As part of the funding, Borrego Solar said it ahs added John Robert Wallace and Stan Chang to its board of directors. Wallace is the former CEO of Xantrex, a maker of inverters used for grid-tied solar electrical systems. Borrego Solar said it had $60M in revenue in 2008, and more than $90M in contracts for the year.