Borrego Solar Systems Secures $14 Million in Venture Financing to Fuel Next Stage of Growth

EL CAJON, Calif.--(BUSINESS WIRE)--Borrego Solar Systems, Inc., a leading designer and installer of grid-tied solar electric power systems, today announced that it has secured $14 million in venture financing to fuel a major geographic expansion and to support its next phase of corporate growth. The company will use the round of financing to expand its commercial and government design and installation operations into the Mid-Atlantic Region and to develop new low-cost integration solutions which will reduce overall system cost and ultimately speed return on investment for its customers.

“The majority of investment and attention in the solar market is on research and development and lab-based performance”

“In 2008, we had a record year that saw us cement our position as one of North America’s largest and most respected designers and installers of commercial and residential solar electric systems,” said Aaron Hall, CEO of Borrego Solar. “However, we believe we have only scratched the surface of the company’s and the market’s potential. The additional funding combined with the significant market expertise and operational experience of John and Stan will help us accelerate our growth and capitalize on the immense business opportunity facing the company in 2009.”

Borrego Solar closed 2008 with $60 million in revenue and more than $90 million in contracts, making it one of the country’s fastest growing solar companies. The company was the eleventh fastest growing private energy company according to Inc Magazine and #261 overall. Borrego has installed major systems on schools, affordable housing communities, grocery and retail businesses, and town and municipal facilities throughout California and New England.

Joining Borrego Solar’s Board of Directors are solar industry veterans John Robert Wallace and Stan Chang. Mr. Wallace has more than two decades of experience in executive positions in solar, electric drive trains and battery technologies, at companies including Xantrex and Ford Motor Company. Mr. Wallace was CEO of Xantrex before selling the company to Schneider Electric in 2008.

“We are reaching a convergence point in the solar industry where environmental, energy, economic and geopolitical concerns, combined with new technology developments and customer demand are driving rapid innovation in the solar market and creating an exponential business opportunity for the right companies,” said Wallace, currently Chairman of Enova Systems, a provider of hybrid electric and electric powertrains for heavy-duty vehicles. “Borrego Solar has been synonymous with quality design and installation for more than two decades, giving the company the experience, reputation and scale to be the leader in the commercial and government markets.”

Joining Mr. Wallace on Borrego’s Board of Directors is Stan Chang, who serves as an executive and board member at major corporations in solar module production, poly-silicon manufacturing and chemical distribution and manufacturing. Mr. Chang brings more than 30 years of engineering and executive experience to Borrego’s Board of Directors.

“The majority of investment and attention in the solar market is on research and development and lab-based performance,” said Chang. “I believe that more focus needs to be placed on real-world system yield and how superior design and installation can boost system performance. Borrego is leading the market in using the latest integration techniques, designs and technologies to help maximize system performance to drive a faster payoff for its customers.”

About Borrego Solar Systems, Inc.

Established in 1980, Borrego Solar Systems, Inc. is one of the nation’s leading designers and installers of commercial, residential and public sector grid-connected solar electric power systems. Borrego Solar’s photovoltaic systems are efficient, reliable and cost-effective. With more than two decades of experience and more than 1,000 installations, Borrego Solar offers a complete line of design and installation services throughout California and New England. For more information, visit www.borregosolar.com.