Borrego Solar secures USD$20 million financing for solar project


The system will consist of nine solar arrays to be installed at six locations across the San Diego Community College District's (SDCCD) campuses. The majority of the project cost will be funded through financial commitments from East West Bank and U.S. Bank, and the remainder will be contributed by the PPA fund launched last year by Walsin Lihwa, a current investor in Borrego Solar.

Under the terms of the 20 year agreement with the SDCCD, Borrego Solar will build, operate and maintain the solar systems, selling the energy to the SDCCD at rates that are approximately 18 percent less than the rates charged by San Diego Gas & Electric—resulting in a savings of more than $110,000 annually.

“Borrego Solar demonstrated that it is an ideal investment partner by presenting us with the shovel-ready SDCCD project, a signed PPA contract and the support of the Walsin Lihwa PPA fund along with U.S. Bank's equity investment. With this infrastructure in place, we were able to quickly agree to contract terms and closing,” commented K.Y. Cheng, executive vice president, East West Bank.

Mike Hall, CEO of Borrego Solar added: “Financing a solar energy system using a PPA has emerged as an extremely appealing option for customers. We have seen a tremendous uptick in demand since introducing our PPA model, especially as expiring government grant programs and shrinking state rebates have stalled a number of projects.”

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.