Borrego Solar Systems, Inc., a designer and installer of grid tied solar electric power systems, recently introduced a financing option for schools, companies, and government organizations that want to begin using solar energy to power their facilities. Borrego’s power purchase agreement (PPA) program provides organizations an avenue through which 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 positioned to develop and finance more than $100 million solar projects over the next 12 months. PPAs are programs by which a third-party company (in this case, Borrego) pays for the installation of the solar system, and then “sells” the power back to the customer. For organizations that want to incorporate solar energy but can’t secure funding from internal budgets or a bank, a PPA can offer a solution. Through its PPA service, Borrego is now offering financing in addition to its established design, engineering, and procurement services..
Based in San Diego, CA, with a New England headquarters in Lowell, MA, Borrego Solar offers its services in California, New England, New Jersey and New York.
“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.”