Borrego Solar Systems Inc., a designer, installer and financier of grid-tied solar photovoltaic systems, has acquired a diverse portfolio of solar projects totaling more than 8 MW located throughout five areas within California.
The portfolio includes two utility projects totaling 3 MW under Southern California Edison's (SCE) California Renewable Energy Small Tariff (CREST) program. The remaining projects are structured with power purchase agreements with various school districts and include bundled-solar and energy-efficiency solutions.
Borrego Solar acquired the projects and completed their development, providing all the necessary project financing, engineering, procurement and construction of the solar facilities.
‘Many solar projects stall due to a need for up-front development capital or long-term project financing,’ explains Mike Hall, CEO of Borrego Solar. ‘Our solar financing solutions help drive projects forward as we absorb the up-front costs and provide long-term financing to projects that wouldn't otherwise get done.’
The two utility projects are Borrego Solar's first projects under SCE's feed-in tariff program, CREST, which was established to provide standardized fixed price energy payments to qualifying renewable energy generators 1.5 MW or smaller. Qualifying projects can sell the renewable energy they generate at a set price to SCE for up to 20 years.
