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.

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