groSolar, based in White River Junction, Vt., and Borrego Solar Systems, based in El Cajon, Calif., have entered into an agreement for groSolar to acquire the residential solar division of Borrego. Financial terms of the contract were not disclosed. The Borrego Solar residential division operates in California and Massachusetts.
groSolar says it will now be the fourth-largest residential solar power installer in the U.S., while also maintaining its national distribution and commercial operations. With the purchase, the groSolar name will begin appearing at Borrego Solar's residential locations in San Diego; Berkeley, Calif.; Sonoma, Calif.; Orange County, Calif.; Silicon Valley, Calif.; and Massachusetts.
Borrego plans to focus exclusively on its commercial and government business units, and the company will expand its sales and installation operations to the Mid-Atlantic region, beginning with the New York and New Jersey markets. The firm notes that it finished 2008 with $60 million in revenue and more than $90 million in contracts, having completed some of the country's largest projects in affordable housing, education and government.
Moving forward, Borrego expects these markets to continue to outpace the residential market, allowing the company to have an even bigger impact on America's conversion to clean and renewable solar power, and in creating green-collar jobs in a number of regions around the country.
‘With the sale of our residential division to groSolar, we can better address growing demand within the commercial and government sectors while expanding geographically into new regional markets,’ says Aaron Hall, chairman and president of Borrego.
SOURCES: groSolar, Borrego Solar