Borrego Solar secures US$47 million from US Bank and East West Bank

Facebook
Twitter
LinkedIn
Reddit
Email

Borrego Solar has again secured funding for US$47 million from US Bank and East West Bank for solar energy projects in California, US. The fund will be used to build 6MW of installations for three school districts and two plants in Massachusetts – the largest of which is expected to be 4.7MW. The company said these projects are expected to create 400 local jobs and generate enough electricity to power nearly 2,000 homes.

Darren Van’t Hof, director of renewable energy investments for US Bank, said, “Despite recent scepticism around the expiration of the 1603 Grant, we remain confident in the importance and long-term viability of renewable energy, and we’re excited to move these projects forward.”

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

“Borrego Solar’s experience and technical expertise have made them a terrific partner,” said K.Y. Cheng, executive vice president, East West Bank. “We’ve seen continued financial success in driving solar energy installations in 2011, and we look forward to working with Borrego Solar in 2012 and beyond.”

Borrego Solar will build, operate and maintain the solar power system and then sell the energy back at a reduced and fixed rate.

“We’re excited about this investment, as it will allow us to deliver on more projects, help organizations go solar with zero up-front costs, and create new jobs,” said Mike Hall, CEO of Borrego Solar. “As we continue to build our portfolio of solar projects across North America, we are assisting organizations in finding innovative ways to implement energy savings programs that allow them to focus their investment dollars on other core operating expenditures. We are thrilled to have passionate and committed partners like U.S. Bank and East West Bank. Their support has been invaluable.”
 

Read Next

October 15, 2025
The Australian government has approved the 141MW Forbes Solar Farm Project in New South Wales in just 19 days, marking one of the fastest environmental approvals on record in the country.
October 15, 2025
Australia has opened registrations for Capacity Investment Scheme (CIS) Tender 7, which targets 5GW of renewable energy generation capacity across the National Electricity Market (NEM).
October 14, 2025
The curtailment of solar PV and wind capacity in Chile has reached 3.2TWh as of August 2025, a slight increase from the same period in 2024.
Premium
October 14, 2025
OCI Holdings’ decision this week to buy a Vietnamese solar wafer facility to supply the US solar cell manufacturing industry makes clear the biggest vulnerability facing the sector today.
Premium
October 14, 2025
Perovskite, tariffs, Section 232 and FEOC were among the key topics discussed at PV CellTech USA this year in San Francisco.
October 14, 2025
German IPP wpd has started construction at its 140.6MW Marcy solar park in the Nièvre department of central France.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK