energy, deals, cleantech

Solar Contractor Plans Mid-Atlantic Expansion With $14M Infusion

Bruce V. Bigelow 2/4/09

Privately held Borrego Solar Systems, which designs and installs solar power systems, said today it has received $14 million in venture funding to fuel its expansion into the Mid-Atlantic Region.

The contractor based in El Cajon, CA, (about 15 miles East of San Diego) currently installs rooftop photovoltaic systems on commercial, residential and government buildings, with six offices in California since 2001. It  entered the New England market in 2007 after opening an office in Lowell, MA.

Borrego Solar was ranked No. 261 in Inc. Magazine’s 2008 list of fastest growing private companies, which was based on the company’s annual revenue growth—from $2.7 million in 2004 to $30.3 million in 2007. The company says its 2008 revenue doubled to $60 million, and it has more than $90 million in contracts.

A Borrego Solar spokesman declined to identify the source of the funding, saying only that it was provided by the venture arm of “a large, publicly traded firm.” In a statement released by Borrego Solar, CEO Aaron Hall says the additional funding, combined with the market expertise and operational experience of new board members John Robert Wallace and Stan Chang will be used to “capitalize on the immense business opportunity facing the company in 2009.”

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call 858-202-0492