Borrego Solar Systems, a developer and installer of grid-connected PV systems, is eyeing up the Puerto Rican solar market and is planning to install 23.5MW of PV capacity in the next couple of years.
The company will develop its first utility-scale projects on the island with a 2.3MW, 1.2MW and 20MW project in the pipeline. The two smaller projects will be constructed in the first year while the construction of the 20MW project is slated to begin in 2014.
Alex Sarly, senior project developer at Borrego Solar, revealed that the company has secured all necessary finances from a group of US banks to fund the projects.
Borrego Solar is keen to benefit from the island’s extended net metering policy which provides power generators with credits for any unused power. Previously, projects no larger than 1MW could benefit from the policy. Under the new regulation, projects up to 5MW are now able to apply for such credits.