Both Minneapolis-based U.S. Bank and Washington, DC-based National Cooperative Bank (NCB) invested in the new fund, which is Borrego Solar's largest since the company began offering its cost-effective Power Purchase Agreements (PPAs) in 2009.
The latest effort brings the total amount of capital the San Diego, California has raised to over $225 million.
The fund will be used to build more than 18 MW of solar energy systems, totaling eight projects, including four municipal landfill installations and one school district.
"National Cooperative Bank is pleased to embark on this new partnership with Borrego Solar, as its solar PPA offering has been extremely successful to date," said Matthew Wright, senior vice president at NCB. "As a mission-focused financial institution, we understand the importance of renewable energy and are motivated to work with Borrego Solar to fund projects that allow more organizations to take advantage of the benefits of solar energy."
Through Borrego Solar's PPA the company builds, operates and maintains solar power installations for customers, and then sells the energy back at a reduced and fixed rate, acting as a "One Stop Shop" for organizations looking to go solar without an upfront capital investment.
Wright said the program is attractive to state, federal and private organizations as it allows them to reap the benefits of solar energy without the required capital expenditure to own and operate the equipment.
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