California, United States [RenewableEnergyWorld.com] Borrego Solar Systems Inc., has introduced a new power-purchase agreement (PPA financing option for schools, companies and government organizations interested in adopting solar energy.
With $30 million backing from a PPA fund launched by Walsin Lihwa, a current investor, Borrego is well positioned to develop and finance more than $100 million solar projects over the next 12 months, the company said.
The PPA program is also the first commercial PPA of its kind designed to finance school and commercial solar projects in Massachusetts. Borrego said that it has already received interest in the program from early customers in Massachusetts, New Jersey and California.
“I think this deal is very positive from the job creation perspective,” said Mike Hall, Borrego’s CEO. “We will be doing some hiring in the project, engineering and finance areas of our business. In addition we expect to put a lot of people to work on the installation of these systems. In 2009 the market has been relatively frozen as a result of project finance issues. Deals like this are going to stimulate growth in the market, and allow the industry to get back to creating jobs.”
Hall also said that the PPA will be financing projects for government agencies, schools and large companies. He said the the company already has lease options for small businesses, but the PPA product is primarily for organizations with investment grade credit.
To hear more about how Borrego Solar is navigating the current solar market, play the video below.