One of the fastest growing energy companies, Borrego Solar Systems of El Cajon said Feb. 4 that it has secured $14 million in venture funding to expand into the mid-Atlantic region and support its next phase of growth.
It’s the first time Borrego Solar has taken outside funding. The company did not name the investor.
Borrego, which says it generated $60 million in revenue in 2008, plans to use the money to expand installation of solar panels on government and commercial properties and develop low-cost solar integration solutions that reduce system cost and speed return on investment for customers.
“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,” CEO Aaron Hall said in a statement. “However, we believe we have only scratched the surface of the company’s and the market’s potential. The additional funding will help us accelerate our growth and capitalize on the immense business opportunity facing the company in 2009.”
Inc. magazine ranked Borrego Solar No. 11 on its 2008 Fastest Growing Private Energy Companies list with revenue growth of more than 1,000 percent in the previous three years.
Borrego installs grid-connected solar systems on schools, affordable housing communities, grocery and retail businesses, and town and municipal facilities throughout California and New England.
, Ned Randolph
