groSolar Acquires Borrego Solar Residential Sales Division
By
Kelli C. Pippin
|
February 20, 2009
Acquisition gives groSolar extensive operiations in California
White RIver Junction, Vermont Two of the nation's leading solar power installers announced today that they have entered into an agreement for groSolar of White River Junction, Vt., to acquire the residential solar division of Borrego Solar Systems of El Cajon, Calif. Financial terms of the agreement were not disclosed. Borrego Solar residential division operates in California as well as Massachusetts.
"This is a great day for solar. Coupled with the new benefits in the Federal stimulus bill, groSolar is now poised to help with America's energy independence and economic recovery, while making it simple, fast and affordable for customers to 'go solar.' We look forward to integrating the Borrego Solar residential division's great reputation and quality into groSolar to benefit Californians." said Jeff Wolfe
As a result, groSolar will emerge as the fourth-largest residential solar power installer in the United States, while maintaining its national distribution and commercial operations as well. The firm, launched less than 10 years ago, will continue its rapid expansion and consolidation as the first truly North America-wide solar power company, with residential operations in nine states in addition to their commercial and distribution channels. NGP Energy Technology Partners and SJF Ventures, two of the premier energy technology private venture capital funds in the United States, have provided capital for groSolar through previous transactions.
With the purchase, the groSolar name will begin appearing at Borrego Solar’s residential locations in San Diego, Berkeley, Sonoma, Orange County, Silicon Valley, and Massachusetts. In a related release, Borrego Solar today announced that the company will narrow its focus to its fast-growing Commercial and Government Divisions, while immediately expanding operations to New York and New Jersey. Commercial and Government projects comprised 75 percent of the company’s revenue in 2008. Borrego Solar, which recently announced a $14 million round of venture financing, will continue to maintain significant operations in New England and California. In addition to its corporate headquarters in El Cajon, Calif., the company currently operates regional offices in New England, the San Francisco Bay Area and New York.
groSolar officials expect the acquisition to benefit homeowners by making solar electric power even more affordable through groSolar’s advanced sales, marketing and installation capabilities . A homeowner can have a groSolar system installed in as little as two days—harnessing the sun’s power for electricity and / or hot water. Borrego will focus on the unique needs of commercial and government entities, designing and installing low-cost solar systems that can scale with organizations as they grow, while reducing the country’s dependence on non-renewable resources.
Jeff Wolfe, CEO of groSolar, said: “This is a great day for solar. Coupled with the new benefits in the Federal stimulus bill, groSolar is now poised to help with America’s energy independence and economic recovery, while making it simple, fast and affordable for customers to ‘go solar.’ We look forward to integrating the Borrego Solar residential division’s great reputation and quality into groSolar to benefit Californians.”
groSolar has operations in 12 states as well as Canada – Vermont, New Jersey, New York, Connecticut, Massachusetts, Maryland, Delaware, Pennsylvania, Colorado, Oregon, Montana and California.
Jeff Wolfe appeared Dec. 11, 2008 on PBS-TV’s “This Old House,” showing how a Weston, Mass., couple quickly and affordably turned their modest 1970s-era house into a model for green technology. Before-and-after photos and how-tos may be seen at www.thisoldhouse.com. groSolar has also been featured on ABC-TV’s “Extreme Makeover: Home Edition.” Among its many large-scale projects was the recent installation of solar hot water heaters at Fenway Park, the Boston Red Sox ballpark.
# # #
Established in 1980, Borrego Solar Systems, Inc. is one of the nation’s leading designers and installers of commercial and government grid-connected solar electric power systems. Borrego Solar’s photovoltaic systems are efficient, reliable and cost-effective. With more than two decades of experience and more than 1,000 installations, Borrego Solar offers a complete line of design and installation services throughout California, New England, New York and New Jersey. For more information, visit www.borregosolar.com.
The information on this page was created and posted by the company identified above. RenewableEnergyWorld.com does not endorse, edit, or substantiate this information and assumes no obligation for this content's accuracy. |
groSolar
Recent Press Release |

Feed
Share









