USA: Borrego Solar Systems Inc., a leading designer, installer and financier of grid-tied solar photovoltaic (PV) systems, has acquired a diverse portfolio of solar projects totaling more than 8 megawatts (MW) located throughout five areas within California.
The portfolio includes two utility projects totaling 3 MW under Southern California Edison (SCE)'s California Renewable Energy Small Tariff (CREST) program. The remaining projects are power purchase agreements (PPAs) with various school districts and include bundled-solar and energy-efficiency solutions.
Borrego Solar acquired the projects and completed their development, providing all the necessary project financing, engineering, procurement and construction of the solar facilities.
The two utility projects are Borrego Solar's first projects under SCE's feed-in tariff (FIT) program, CREST, which was established to provide standardized fixed price energy payments to qualifying renewable energy generators 1.5 MW or smaller.
Qualifying projects can sell the renewable energy they generate at a set price to SCE for up to 20 years. These CREST projects are just the latest examples of Borrego Solar's momentum in the utility-scale solar market: in January 2012, the company completed two additional SCE projects on warehouses and distributions centers in Santa Fe Springs.