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February 4, 2009

Private Investors Invest $14 Million In Borrego Solar Systems

The leading designer and installer of grid-tied solar electric power systems based in El Cajon, California, Borrego Solar Systems announced that it had just secured $14 million in venture funding by private investors.� The company was established in 1980 and designs and builds solar electric power systems for commercial, residential, and public sector grid-connected sectors.� Borrego�s solar systems are not only efficient, they are also reliable and cost effective.� The company has over two decades of experience in this field and offers a line of products throughout California and New England.

This recent $14 million in venture funding will go to support geographic expansion of both commercial and government business.�� The company also plans to add two top industry veterans, John Robert Wallace and Stan Change to its board of directors.�

According to Borrego�s CEO, Aaron Hall, 2008 was a record year for the company that saw Borrego cement its position as one of North America�s largest and most respected companies in the solar electric field.� Mr. Hall further states that the company has only begun to scratch the surface and the recent funding and market expertise of both Mr. Wallace and Mr. Change will help accelerate the company�s growth in 2009.

One great example of Borrego�s success can show in its earnings in 2008.� By the end of 2008, Borrego reported earnings of $60 million in revenues and $90 million in contracts.� According to Inc Magazine, Borrego Solar Systems is number 11 as one of the nation's fastest growing companies and number 261 overall.� Borrego has installed its products on the major systems of schools, affordable housing communities, and grocery and retail businesses, and municipal facilities throughout California and New England.�

Before joining Borrego�s board of directors, John Robert Wallace had over two decades of experience in executive positions in companies that were involved in solar electric drive trains, battery technologies.� Some of Mr. Wallace�s experiences include being CEO of Xantrex.� Mr. Wallace also worked at the Ford Motor Company.�� Mr. Wallace is also currently serving as Chairman of Enova Systems, which is a provider of electric drive trains for hybrid heavy-duty vehicles.� According to Mr. Wallace, a convergence is being reached in the solar industry where environmental, energy, economic, and geopolitical concerns, combined with technology advances, a demand is growing for new innovative technologies in the solar energy market.� This can provide great opportunity for right companies in this industry.�

Stan Change serves as an executive on the board of directors of several corporations that produce solar modules, manufacture poly-silicon, and chemical distribution.�� According Mr. Change, more focus needs to be placed on real-world system yield and how design and installation superiority can boost system performance.