Solar installer groSolar buys Borrego's home unit
LOS ANGELES (Reuters) - Vermont-based groSolar has acquired the residential solar division of Borrego Solar Systems of El Cajon, California, the two companies announced on Thursday.
Financial arrangements were not revealed.
This will make groSolar the fourth-largest residential solar power installer in the United States, groSolar said.
GroSolar will take over Borrego's residential locations in California -- San Diego, Berkeley, Sonoma, Orange County and Silicon Valley -- and in Massachusetts, groSolar said.
Borrego will focus on its commercial- and government-related solar work that has largely centered on New England and California, and expand operations in New York and New Jersey, the company said.
Two weeks ago, Borrego announced $14 million in venture funding for its installation expansions. It has 2008 revenues of about $60 million.
GroSolar says it can install a home system in as little as two days.
Started in a Vermont living room in 1998 by company founders Jeff Wolfe and Dori Wolfe, groSolar now has operations in 12 states and in Canada. Jeff Wolfe is the privately held company's chief executive officer.
The company acquired Energy Outfitters of Oregon in December 2006 and bought Chesapeake Solar of Maryland last July. Also in July 2008, groSolar signed a four-year, $175-million purchase agreement with Evergreen Solar (ESLR.O) for supply of its photovoltaic solar panels.
(Reporting by Bernie Woodall; Editing by Tim Dobbyn)
