Borrego Solar Creates $64.4 Million Solar Project Fund Backed By Two Large Banks


Borrego Solar Systems Inc., a designer, installer and financier of grid-tied solar photovoltaic systems, has closed a new $64.4 million fund to finance solar energy projects for corporate, education and municipal customers.

Minneapolis-based U.S. Bank and Washington, D.C.-based National Cooperative Bank (NCB) invested in the new fund, which is Borrego Solar's largest since 2009 and brings its total amount of capital raised to over $225 million.

According to Borrego, the fund will be used to build more than 18 MW of solar energy systems, totaling eight projects, including four municipal landfill installations and one school district.

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