Califorina, United States [RenewableEnergyWorld.com] Borrego Solar Systems Inc. announced that the company will focus exclusively on its Commercial and Government Business Units, and expand its sales and installation operations to the Mid-Atlantic Region, beginning with the New York and New Jersey markets. As part of this plan, the company also announced the sale of its Residential Business Unit to groSolar of White River Junction, Vermont. Financial terms of the agreement were not disclosed.
Effective immediately, Borrego will focus exclusively on commercial and government projects, which represented more than 75 percent of new revenue in 2008. Borrego finished 2008 with US $60 million in revenue and more than $90 million in contracts, having completed some of the country’s largest projects in affordable housing, education and government. Moving forward, the company said that it expects these markets to continue to outpace the residential market.
As a result of the transaction, groSolar will emerge as the fourth-largest residential solar power installer in the United States. The firm, launched less than 10 years ago, will continue its expansion and consolidation with residential operations in nine states in addition to its commercial and distribution channels. 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.
“For more than 25 years, we have been one of the premier designers and installers of residential solar projects, allowing families throughout California and Southern New England to benefit from low-cost, clean energy,” said Aaron Hall, president of Borrego Solar. “Our residential legacy combined with our recent commercial market success got us to where we are today—to a level of technical sophistication, service and scale that makes Borrego a natural fit for commercial and government customers. We believe that by focusing on those markets, we can have an accelerated impact on the economy and drive the next phase of U.S. solar adoption.”
The company also recently announced a $14 million round of venture financing which will support Borrego’s expansion into new markets, like New York and New Jersey, giving it a much broader geographic reach.