Borrego Solar Systems attracts $64 million from investors

June 17, 2024 – Our town took a magical trip down memory lane today. The Model T Ford Club of America rolled into town for their 2024 National Tour. 

Dozens of these magnificent Model T’s lined our streets. It felt like stepping back in time.

The visitors took a stroll through our town’s rich history, from the old Lakeside Inn, the Auto Speedway route, made famous by racing legend Barney Oldfield, to our charming historic buildings and homes.

The Lakeside Historical Society opened their doors, welcoming everyone to explore the chapel, museum, Gift Shop, and the Speedway monument. It was a little slice of the past brought back to life.

Their visit was short, but the memories will last a lifetime. A huge thank you to the Model T Ford Club of America for stopping by and making the day in our hometown so special.

Borrego Solar Systems, an El Cajon-based designer, installer and financier of public sector solar energy systems throughout California and New England, said it has attracted $64.4 million for a new fund to build about 18.5 megawatts of renewable energy projects for businesses, schools and government buildings in Massachusetts. The latest round of investment is Borrego’s seventh and largest so far since the firm began offering power purchase agreements in 2009, and brings the total amount of capital raised through the investment funds to $225 million, the company said. Key investors in the new fund included Minneapolis-based U.S. Bank, which is a unit of U.S. Bancorp, and National Cooperative Bank based in Washington, D.C.

Solar project developers have benefited over the past 18 months from a steep decline in solar panel prices that has cut the cost of installing the renewable energy systems.  “It’s making solar become competitive with other forms of (power) generation,” said Bill Bush, Borrego’s chief financial officer. Borrego, like some other solar companies, has been successful in bundling projects together into packages to create an investment vehicle that attracts funding.