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Borrego Secures US $14M in Venture Financing

Borrego Solar Systems Inc. announced that it has secured US $14 million in venture financing. The capital will be used to fuel a geographic expansion and to support the company's next phase of corporate growth. The company will also use the round of financing to expand its commercial and government design and installation operations into the Mid-Atlantic Region and to develop new integration solutions which will reduce overall system cost and ultimately speed return on investment for its customers.

Borrego Solar closed 2008 with US $60 million in revenue and more than US $90 million in contracts, making it one of the country’s fastest growing solar companies. The company was the eleventh fastest growing private energy company according to Inc. Magazine and #261 overall. Borrego has installed solar systems on schools, affordable housing communities, grocery and retail businesses as well as town and municipal facilities in California and New England.

In related news, John Robert Wallace and Stan Chang are joining Borrego Solar’s Board of Directors. Wallace has more than two decades of experience in executive positions in solar, electric drive trains and battery technologies, at companies including Xantrex and Ford Motor Company. Wallace was CEO of Xantrex before selling the company to Schneider Electric in 2008.

“In 2008, we had a record year that saw us cement our position as one of North America’s largest and most respected designers and installers of commercial and residential solar electric systems,” said Aaron Hall, CEO of Borrego Solar. “However, we believe we have only scratched the surface of the company’s and the market’s potential. The additional funding combined with the significant market expertise and operational experience of John and Stan will help us accelerate our growth and capitalize on the immense business opportunity facing the company in 2009.”

Hall was part of a roundtable discussion that organized last fall at Solar Power International, where he and other industry representitives discusses issues currently facing the solar industry and what some of the solutions might be. To see the roundtable, play the vide below.


Rooftop Solar Panels

Hypocrisy? While Buffett Champions Renewables, His Company Fights Rooftop Solar

Mark Chediak, Noah Buhayar and Margaret Newkirk, Bloomberg Warren Buffett highlights how his Berkshire Hathaway Inc. utilities make massive investments in renewable energy. Meanwhile, in Nevada, the company is fighting a plan that would encourage more residents to use green power.
Japan Microgrid

Born from Disaster: Japan Establishes First Microgrid Community

Junko Movellan, Correspondent Although Japan's Fukushima prefecture is most commonly associated with the 2011 disaster due to the nuclear power melt-down, Miyazaki prefecture, located north of Fukushima, suffered from the largest death toll, close to 10...
Renewable Energy Finance

Clean Energy ETFs Are on a Tear

Eric Balchunas, Bloomberg Green investing used to be synonymous with losing money. But while the S&P 500 Index is up 2 percent this year, and the MSCI All-Country World Index is up 5 percent, clean energy ETFs have double-digit re...

Wheels, Towers and Trees: Unconventional Renewable Energy Technologies in the Pipeline

Andrew Williams, International Correspondent A number of companies around the world are developing novel technologies in an effort to grab a slice of the global renewable energy market.  Although many of these technologies are simple incremental improvements to e...


Volume 18, Issue 3


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