US Borrego Solar gets funding for USD 36m solar projects
(ADPnews) - Nov 15, 2010 - US solar power contractor Borrego Solar Systems Inc said last Wednesday it had obtained USD 36 million (EUR 26.3m) from US Bank and East West Bank for power purchase agreement (PPA) project financing of solar plants.
This is the second similar deal between Borrego Solar and Bank and East West Bank after the two closed a USD 20 million deal in July to finance a solar system for the San Diego Community College District.
The projects to be funded under the second agreement include a 1.2 MW system at Madera Community Hospital and a 1.8 MW system at San Diego County Water Authority.
Borrego Solar offers integrated solar financing with turnkey construction and ongoing operations and maintenance.
Under a PPA, a solar electric facility is installed on a customer's roof without the customer needing to purchase any equipment. Attached to the local utility grid, a customer just replaces a portion of their traditional monthly electric bills with the bill for the solar energy. The PPA provider consumes any available solar incentives and sells the solar energy at a predetermined, below-the-grid rate over the duration of the contract.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.