Published on Tuesday, 14 February 2012 15:40
Borrego Solar Systems, Inc. closed a $47 million fund with U.S. Bank and East West Bank to back solar energy projects for corporate, educational and municipal customers in California and Massachusetts.
The fund will finance 6 megawatts' worth of solar energy systems in California, which include 10 projects for three school districts. Borrego Solar will also use the fund for two solar power installations in Massachusetts, one of which will be one of the largest in the state with a 4.7-MW generation capacity.
In total, the planned projects are expected to generate enough power for nearly 2,000 homes, creating 400 local jobs.
Borrego Solar installs commercial and government solar power systems. The company builds and maintains a solar power system for its customers and sells the energy to them at a fixed rate through a power purchase deal. – EcoSeed Staff