Thursday, February 19, 2009

Borrego Solar Sells Residential Solar Installation Business

El Cajon-based Borrego Solar Systems, a installer of solar power systems, announced Thursday that the firm is selling off its residential business and will focus exclusively on its commercial and government customers. The firm, which is fresh off a $14M round of funding, said it is selling its residential business to fellow, venture-backed solar installer groSolar. Financial terms of the sale were not disclosed. Vermont-based groSolar is venture backed by NGP Energy Technology Partners, SJF Ventures, and Calvert Social Investment Fund. According to Borrego, its commercial and government projects represented more than 75 percent of its new revenues last year, which totaled $60M. Borrego said it sold its residential business because it expects those markets to outpace the residential market.