San Diego-based Borrego will construct a total of eight PV plants totaling around 18 MW in generation capacity. The company has been raising funds for the project financing since 2009 and this new addition is the largest amount. Borrego's customers buy the electricity via PPAs, or Power Purchase Agreements.
National Cooperative Bank is contributing $31.7 million in financing. Bloomberg reports that investors creating installation funds for solar developers can take advantage of a 30 percent investment tax credit for solar power. But since National Consumer Bank is providing a debt for the fund, it cannot take tax benefits.
Borrego spokesperson David Lipson also told the media, "U.S. Bancorp is Borrego Solars equity partner and the two of us, as owners of the projects, will take the 30 percent ITC and depreciation."
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: editors@pv-magazine.com.
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.