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

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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.”

“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.”
 

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