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Borrego sets new $64.4 mln solar fund

Reuters

July 31, 2012

(Reuters) - Solar installer Borrego Solar Systems said on Tuesday it had attracted $64.4 million for a new fund to build about 18.5 megawatts of renewable energy projects for businesses, schools and government buildings in Massachusetts.

The fund is Borrego's seventh and largest so far, and brought the total capital raised through the investment funds to $225 million, the company said.

Key investors in the new fund included U.S. Bank, which is a unit of U.S. Bancorp, and National Cooperative Bank.

Solar project developers have benefited over the past 18 months from a steep decline in solar panel prices that has cut the cost of installing the renewable energy systems.

"It's making solar become competitive with other forms of (power) generation," said Bill Bush, Borrego's chief financial officer.

Borrego, like some other solar companies, has been successful in bundling projects together into packages to create an investment vehicle that attracts funding.

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