Covington Advises Borrego Solar in its Largest Single Fund for Solar Energy Projects

Covington Advises Borrego Solar in its Largest Single Fund for Solar Energy Projects

8/2/2012

SAN FRANCISCO, August 2, 2012 — Covington & Burling represented Borrego Solar Systems, Inc. in connection with its new $64.4 million project finance fund with partners U.S. Bank and National Cooperative Bank. The fund will be used to build more than 18 megawatts of solar energy systems, including systems to be located at four municipal landfill installations and one school district.

Borrego Solar is one of the nation’s leading financiers, designers and installers of commercial and government solar power systems. Covington advised the San Diego-based company on the formation of the fund, and the negotiation of related operation and loan agreements.

The new fund is Borrego Solar’s largest since the company began offering its Power Purchase Agreements in 2009 and brings its total amount of capital raised to more than $225 million. Covington has represented Borrego Solar in several of its prior project finance funds.

The Covington team was led by Ingrid Rechtin, with assistance from Bruce Deming and Christopher Angell. Daniel Luchsinger and Lindsay Kitzinger provided tax advice. Robert Fleishman and Neel Maitra provided energy regulatory advice. Gus Caywood advised on financing matters.