Borrego Solar lands $30 million for solar financing
Reuters, San Francisco – U.S. solar power system installer Borrego Solar Systems said it has received $30 million from Taiwan’s Walsin Lihwa to offer financing to solar power project customers.
The privately held El Cajon, California-based company, a solar power contractor that serves mostly the commercial sector, said the funding will help it sell services to schools, companies and government organizations interested in renewable energy.
The funding from Walsin Lihwa, a Borrego investor and manufacturer of bare copper wire and specialty steel, comes as the solar industry is grappling with a dearth of financing for solar projects.
Many potential solar customers find it difficult to afford the steep upfront installation costs, making financing an important component for expansion of solar energy.
Borrego will be offering power purchase agreements, or PPAs, which are long-term contracts to buy power, where the customer pays typically for the power used and not for the installation of the solar system, Chief Executive Mike Hall said in an interview.
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Tags: Borrego Solar, Power Purchase Agreement, PPA, Solar Financing
