US Borrego Solar secures financing for USD-36m solar projects

(ADPnews) - Nov 12, 2010 - US solar power contractor Borrego Solar Systems Inc said on Wednesday it had obtained USD 36 million (EIR 26.3m) from US Bank and East West Bank for power purchase agreement (PPA) project financing of solar plants.

That is the second similar deal between Borrego Solar and Bank and East West Bank after the two closed a USD 20 million fund in July to finance a solar system for the San Diego Community College District.

The projects to be funded under the second fund 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 substitutes 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.

(USD 1 = EUR 0.729)

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