Borrego Solar Closes 2014 with 40 Percent Growth in Megawatts Installed Driven by Traction in Key Markets and Regions
Leader in Commercial, Municipal, and Utility Solar Development Continued Building Strong Track Record with Key Partners Including, LG Electronics USA, sPower, General Energy Solutions, and Greenwood Energy
SAN DIEGO, Calif., Feb. 5, 2015 -- Borrego Solar Systems, Inc., a leading designer, developer, installer and financier of grid-tied solar photovoltaic systems, today announced a record year in which it saw a 40 percent increase in total megawatts (MW) installed from 2013. The total installations from 2014 represent 30 percent of the company's total installed capacity over its 35 years in operation.
Borrego was among the top commercial developers nationally and finished the year with leading market positions in its key geographic markets: Massachusetts, California and New York. According to GTM Research, Borrego had the largest market share of commercial-scale solar in the United States for the first half of 2014 at 7.3 percent. Additionally, Borrego was ranked the No. 2 commercial EPC in the United States and the No. 2 commercial contractor in California by Solar Power World Magazine.
"The fact that we were able to achieve 40 percent year-over-year growth in 2014 is a testament to the strong team we've built and the quality customers we've partnered with in the government, education, technology, and waste management sectors," said Mike Hall, CEO at Borrego Solar. "Customers choose us because we're solar veterans with a 35-year track record in the business. Our sophisticated approach to engineering, successful construction execution and commitment to only procuring the highest quality materials in the market, make us the high-value low-risk solution our customers and financing partners want. With our existing pipeline and all the momentum around solar, we're extremely excited to drive the next stage of company and industry growth."
In 2014, Borrego achieved success in top solar markets and across several industries:
* 17 MW (DC) installation with First Wind, the second largest in Massachusetts
* 2.7 MW (DC) installation on Vermont's only landfill in operation, the state's waste industry's largest solar project
* 2.4 MW (DC) rooftop installation atop the Anaheim Convention Center, the largest on a city-owned convention center in the United States
* 8.3 MW (DC) portfolio under Southern California Edison's California Renewable Energy Small Tariff program
* Borrego completed nearly 15 MW (DC) of installations that are feeding solar energy to municipalities in Massachusetts, representing enough energy to power approximately 1,730 homes annually
"This is an exciting time for us and our industry as a whole, because we've hit a critical mass," said David Meyers, executive vice president of sales and marketing at Borrego Solar. "As a result, our customers are more informed, the demand for our services has increased, and we're hiring nearly 30 percent more staff in the coming year to meet it."
Borrego currently has 200 MW (DC) of projects under contract and in various stages of development across the country, including:
* New Hampshire's largest solar project, a 944 kW (DC) system in Peterborough on the site of the town's waste water treatment plant
* 8.5 MW (DC) in school projects for Thompkins Community College and Houghton College in New York, and Newport Mesa School District in Southern California
* 3.3 MW (DC) project on San Diego International Airport's Terminal 2, the first LEED Platinum certified commercial airport terminal in the world
In addition, Borrego made a strong entry into the New York market this year with 33 MW (DC) of installations beginning construction, including 27.25 MW (DC) of projects under PSEG-LI's Feed-in-Tariff program in New York.
Borrego Solar continued to focus on establishing and strengthening relationships with key technology and financing partners in 2014. These include an exclusive supply agreement with LG Electronics USA for its market leading high efficiency panels, a continued financing partner in Greenwood Energy and multiple installations under development with solar energy system owner and operator sPower. In 2015, Borrego will again focus on forging new partnerships with industry leaders as it focuses on providing the greatest value commercial and utility-scale solar solutions, customized to meet the specific needs of its clients over the life of the project.
About Borrego Solar
Established in 1980, Borrego Solar Systems, Inc. is one of the nation's leading financiers, designers, developers and installers of commercial and utility solar power systems. Borrego Solar's photovoltaic systems are efficient, reliable and cost-effective. With more than three decades of experience and more than 1,000 solar power installations completed—totaling over 150 MW—Borrego Solar offers a complete line of solar system design and installation services throughout North America. Borrego Solar was recently ranked as the #2 commercial EPC in the United States and the #2 commercial contractor in California by Solar Power World. For more information, visit www.borregosolar.com.