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Print Edition StoriesThursday, February 19, 2009
GroSolar grows with purchase of Borrego Solar
By Efrain Viscarolasaga
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White River Junction, Vt.-based groSolar Inc. has expanded its reach into the residential solar industry with the acquisition of the residential solar division of California-based Borrego Solar Systems Inc.
Financial terms of the deal were not disclosed. According to officials, Borrego Solar reported $60 million in revenue in 2008 across all its divisions, with commercial and government projects representing 75 percent. The firm’s residential division operates in both California and New England.
With the acquisition, groSolar will become the fourth-largest residential solar power installer in the United States, according to company officials.
As a result of the deal, Borrego Solar will narrow its focus to its commercial and government installation divisions, while immediately expanding its reach in New Jersey and New York.
Founded in 1998, groSolar has grown rapidly of late. In July of last year, the firm acquired Chesapeake Solar of Maryland, while also signing a $175 million, four-year purchase agreement with Marlborough-based Evergreen Solar Inc. to assure supply of its photovoltaic solar panels.
Since its inception, groSolar has raised $12.2 million in private funding from NGP Energy Technology Partners LP of Washington, D.C., SJF Ventures of New York, Calvert Social Funds of Maryland and Allco Financial Group of Australia.
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