Greentech Lead America: Borrego Solar Systems, a
designer, installer and financier of grid-tied solar photovoltaic (PV) systems,
has closed a $64.4 million fund to finance solar energy projects for
corporate, education and municipal customers. The new financing is the largest
in company’s history and brings its total amount of capital raised to
over $225 million.
Minneapolis-based U.S. Bank and Washington, DC-based
National Cooperative Bank (NCB) have invested in the new fund.
“As a mission-focused financial institution, we
understand the importance of renewable energy and are motivated to work
with Borrego Solar to fund projects that allow more organizations to
take advantage of the benefits of solar energy,” said Matthew Wright,
senior vice president at NCB.
With this fund, Borrego will
develop eight solar energy projects including four municipal landfill
installations and one school district. The combined projects will have a total
capacity of 18 MW.
Through Borrego Solar’s PPA the company builds,
operates and maintains solar power installations for customers without an
upfront capital investment.
“We’d like to thank our existing affiliates for
their continued support, and are excited about our growing partnership with
National Cooperative Bank. Partnerships and projects like these create new
local jobs and help organizations generate solar electricity at zero upfront
cost, allowing us to make progress in our mission to accelerate the adoption of
renewable energy,” said Mike Hall, CEO of Borrego
Solar.
Borrego
Solar installs 3.4 MW solar systems at Edwards Air Force base
Earlier this year, Borrego Solar completed a 3.4 megawatt
(MW) solar power installation at Edwards Air Force Base in Southern California.
The system employs 3 ground-mounted, single-axis tracking solar farms. It is
the largest military project completed by Borrego Solar to date.