Borrego Solar Systems Closes Latest Fund with U.S. Bank and East West Bank to Finance New Solar Projects
Borrego Solar Systems, Inc., a leading designer, installer and financier of grid-tied solar photovoltaic (PV) systems, has announced, that it closed its latest fund, with its partners U.S. Bank and East West Bank to finance new solar energy projects in Massachusetts, New Jersey and California. The latest round of projects brings the total amount of solar financed through the Borrego Solar PPA to more than $100 million in the last twelve months, further demonstrating the value of Borrego Solar’s “One Stop Shop” offering for solar design, construction, maintenance and financing.
The most recent funds will help to finance nearly nine megawatts (MW) of projects, including solar projects with the city of Easthampton, Mass., the Archdiocese of Newark, NJ, Edwards Air Force Base and Santa Clara County, Calif.
“We look forward to working with Borrego Solar on additional projects as East West Bank continues its commitment to investing in solar energy,” said K.Y. Cheng, Executive Vice President, East West Bank. “Borrego has consistently proven that it is an ideal investment partner by presenting us with shovel-ready projects and significant industry expertise.”
Borrego Solar has announced previous funds with U.S. Bank and East West Bank, totaling $56 million in funding, for projects with the San Diego Community College District, San Diego County Water Authority and the Madera Community Hospital among others.
“Borrego Solar has continued to demonstrate itself as a bankable investment partner,” said Darren Van’t Hof, Director of Renewable Energy Investments for U.S. Bank. “Looking at Borrego’s diverse project pipeline, we could not be more confident in the success of this new round of financing.”
Borrego Solar continues to see tremendous success with its Solar Power Purchase Agreement (PPA), allowing project hosts to reap the benefits of solar energy without investing the upfront capital costs. For Borrego Solar’s PPA customer, Borrego builds, operates and maintains the solar power system, and then sells the energy back at a reduced and fixed rate.
“The preliminary investment from U.S. Bank and East West Bank kick-started our PPA, and their continued support has enabled Borrego Solar to provide a cost-effective opportunity for our customers to lower their utility rates through solar energy,” said Mike Hall, CEO of Borrego Solar. “We look forward to working with them in the future as we further validate the long-term viability of Borrego Solar’s PPA offering and illustrate our value proposition as a ‘one stop shop’ for solar services.”
This news follows the recent announcement that Borrego Solar’s Consulting & Development Services division has advised on more than 180 MW of utility-scale solar projects for independent power producers (IPPs) and private landowners.
About Borrego Solar Systems, Inc.
Established in 1980, Borrego Solar Systems, Inc. is one of the nation’s leading financiers, designers and installers of commercial and government grid-connected solar power systems. Borrego Solar’s photovoltaic systems are efficient, reliable and cost-effective. With more than three decades of experience and more than 1,000 solar power installations completed–totaling more than 35 MW–Borrego Solar offers a complete line of solar systems design and installation services throughout California, New England, and the Mid Atlantic. For more information, visit www.borregosolar.com .
About East West Bancorp /quotes/zigman/73773/quotes/nls/ewbc EWBC -0.31%
East West Bancorp is a publicly owned company with over $20 billion in assets and is traded on the Nasdaq Global Select Market under the symbol “EWBC”. The Company’s wholly owned subsidiary, East West Bank, is one of the largest independent commercial banks headquartered in California with over 130 locations worldwide, including the U.S. markets of California, New York, Georgia, Massachusetts, Texas and Washington. East West Bank’s overseas network includes a full service subsidiary bank in China, i.e. East West Bank (China) Ltd. headquartered in Shanghai and offices in Beijing, Shantou, Shenzhen, Guangzhou; a full service branch in Hong Kong and a representative office in Taipei, Taiwan. For more information on East West Bancorp, visit the Company’s website at www.East Westbank.com.
About U.S. Bancorp /quotes/zigman/278238/quotes/nls/usb USB -1.52%
With $311 billion in assets, U.S. Bancorp is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,082 banking offices in 25 states and 5,238 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com .
SOURCE: Borrego Solar Systems, Inc
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