Borrego closes investment fund with two banks for new US projects

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Borrego Solar Systems has closed its latest investment fund to help finance and install a number of new PV projects across the US. East West Bank and US Bank are partnering Borrego on the fund, which will take the company’s solar PPA portfolio past the US$100 million mark.

Among the locations chosen for the new projects are Easthampton, Massachusetts, Newark, New Jersey, and Santa Clara County, California. Total capacity for the planned developments is estimated to be 9MW.

“We look forward to working with Borrego Solar on additional projects as East West Bank continues its commitment to investing in solar energy,” said K.Y. Cheng, East West Bank’s executive vice president. “Borrego has consistently proven that it is an ideal investment partner by presenting us with shovel-ready projects and significant industry expertise.”

“The preliminary investment from US Bank and East West Bank kick-started our PPA, and their continued support has enabled Borrego Solar to provide a cost-effective opportunity for our customers to lower their utility rates through solar energy,” Borrego Solar’s CEO Mike Hall said. “We look forward to working with them in the future as we further validate the long-term viability of Borrego Solar’s PPA offering and illustrate our value proposition as a ‘one-stop shop’ for solar services.”

Prior to this latest round of financing, US Bank and East West Bank had already invested US$56 million in Borrego Solar-backed projects, including systems for the San Diego Community College District, San Diego County Water Authority and the Madera Community Hospital.

To help equip its burgeoning project portfolio, last week Borrego signed an agreement to buy 25MW of Bentek Solar's disconnecting combiners, re-combiners and disconnect safety systems.

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