News & Press
U.S. Bancorp to Finance Solar Projects With East West Bancorp
Bloomberg
June 21, 2011
Units of U.S. Bancorp and East West Bancorp created a fund to finance about 9 megawatts of projects for Borrego Solar Systems Inc. in Massachusetts, New Jersey and California.
The $46 million fund follows $56 million in project financing that U.S. Bank and East West Bank previously provided the company, Jessica Elkus, a spokeswoman for Berkeley, California-based Borrego, said in an e-mail.
Borrego installs, maintains, and operates grid-tied photovoltaic systems for commercial and government customers. Through a financing arrangement known as a power purchase agreement, the company’s customers pay no installation costs and buy the generated electricity at a fixed monthly rate that is lower than a typical utility bill, according to the company. It serves customers in California, New England, and the Mid- Atlantic U.S.
Dan O'Mahony
Schwartz Communications, Inc.
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