Borrego Solar Systems Inc., a designer and installer of grid-tied commercial and public-sector solar electric power systems, has secured financing from U.S. Bank and East West Bank to finance an approximately $20 million solar energy project for the San Diego Community College District (SDCCD).
The 2.8 MW system will consist of nine solar arrays to be installed at six locations across the SDCCD campuses. The majority of the project cost will be funded through financial commitments from East West Bank and U.S. Bank, and the remainder will be contributed by the power purchase agreement fund launched in 2009 by Walsin Lihwa, a current investor in Borrego Solar.
Under the terms of the 20-year agreement with the SDCCD, Borrego Solar will build, operate and maintain the solar systems, selling the energy to the SDCCD at rates that are approximately 18% less than the rates charged by San Diego Gas & Electric – resulting in a savings of more than $110,000 annually, according to the company.
SOURCE: Borrego Solar Systems Inc.