New Integrated Solar Financing Option to Help Schools, Companies and Government Organizations Finance Solar Projects
Borrego Solar Systems, Inc., a leading designer and installer of grid-tied solar electric power systems, today introduced a new financing option for schools, companies and government organizations interested in adopting clean, renewable solar energy. Borrego’s new power-purchase agreement (PPA) program gives its customers a new, simple way to finance a solar project without having to assume the up-front costs of the project or work with a third-party financier.
With $30 million backing from a PPA fund launched by Walsin Lihwa, a current investor, Borrego is well positioned to develop and finance more than $100 million solar projects over the next 12 months. The PPA program is also the first commercial PPA of its kind designed to finance school and commercial solar projects in Massachusetts. Borrego has already received interest in the program from early customers in Massachusetts, New Jersey and California.
“Borrego Solar has long been a leader in commercial scale solar systems, bringing significant expertise, quality of service and optimum system performance to its customers,” said Yu-Lon Chiao, Chairman of Walsin Lihwa. “As a result of this deal Walsin Lihwa has committed to supporting Borrego Solar in its mission to become the leading provider of commercial scale solar electric solutions in North America. We are excited about the market potential for Borrego’s integrated solar energy services.”
“We continue to see significant demand for grid-tied solar systems, but a common concern for many customers is the lack of financing available to design, install and maintain the system,” said Mike Hall, CEO of Borrego Solar. “And though the PPA is not a new concept, some customers don’t want the hassle of finding a third-party financing option or the restriction of having to deploy the technology chosen by the PPA provider. By choosing a Borrego PPA, customers deal with one company for system financing, design, construction, operation and maintenance. As a result of this program Borrego is now able to offer our customers a “one stop shop” for all solar energy services - all without the technology lock-in of other programs.”
Borrego finished 2008 with $58 million in revenue and more than $90 million in contracts, having completed some of the country’s largest projects for schools, companies and government agencies. By offering a commercial PPA, the company expects to increase the size and scope of projects it designs, builds and manages.