Borrego Solar Systems, Inc. said June 21 that over the past 12 months it attracted more than $100 million in financing to support commercial-scale photovoltaic power-purchase agreements (PPAs). The latest round of funding from U.S. Bank and East West Bank will finance 9 megawatts (MWs) of projects in various states.

Borrego has been in the solar business since 1980. It sold off its residential business in 2009 and is now more focused on commercial and utility-scale development. It only started offering PPAs in early 2010, said Jason Tai, managing director of Borrego’s Green Lake Capital venture.

Since then the company has completed three funding rounds. The latest was for a little more than $46 million. It will support solar projects with Easthampton, Mass., the Archdiocese of Newark, N.J., Edwards Air Force Base and Santa Clara County, Calif. It will also support some smaller solar projects, Tai said.

It’s not the first time Borrego worked with U.S. Bank and East West Bank. Previously it announced $56 million in funding, for projects with the San Diego Community College District, San Diego County Water Authority and the Madera Community Hospital among others, the company said in a press release.

“Borrego Solar has continued to demonstrate itself as a bankable investment partner,” Darren Van’t Hof, director of renewable energy investments for U.S. Bank, said in the release. “Looking at Borrego’s diverse project pipeline, we could not be more confident in the success of this new round of financing.”

As the company moves forward, its emphasis is likely to increase to supporting larger projects.

“We are looking at small utility-scale projects going forward. Our strategy is to build bigger projects rather than smaller projects,” Tai said.

Overall, the company has three focus areas, according to Tai. It’s involved in engineering, procurement and design; consulting business; and now the PPA business.

“The consulting business is not a significant part of our overall revenue,” Tai said. “Obviously, because of our experience and expertise in solar, we get a lot of referrals.”

But it’s not that big a percentage of revenues for the company, he said.

The PPAs will allow the company and its project investors an opportunity to generate assets for the company for many years to come, according to Tai.

Image courtesy of Borrego Solar of its 652.3 kW installation at Warner Brothers studios in Burbank, Calif.