Borrego Solar Systems Inc., a designer, installer and financier of grid-tied solar PV systems, has closed a new $47 million fund with partners U.S. Bank and East West Bank to finance solar energy projects for corporate, education and municipal customers.
The fund will be used to build 6 MW of solar energy systems in California, including 10 projects for three school districts. The fund also includes two Massachusetts solar power installations, one of which is expected to be the largest of its kind in the state, at 4.7 MW. These projects are expected to create 400 local jobs, Borrego Solar notes.
Borrego Solar adds that it has seen continued demand for its power purchase agreement model.