Borrego Solar Systems Inc., a San Diego-based designer and installer of solar panels, said Feb. 13 that it closed a $47 million fund with financing provided by U.S. Bank and East West Bank for solar projects by customers in the corporate, education and municipal sectors.

The new fund will be used to build six megawatts of solar energy systems in California, including 10 projects for three school districts, and two installations in Massachusetts, one of which is expected to be the largest of its kind in the state at 4.7 megawatts, the company said.

Together, these projects are expected to create 400 local jobs while generating electricity to power nearly 2,000 homes, Borrego Solar said.

Borrego’s business model is designing, building and operating the solar systems. It then sells the energy back to customers at reduced, fixed rates. The program is attractive to both private and public entities seeking to generate immediate savings while not having to invest significant upfront capital costs for the systems, the company said.

Mike Allen