The exponentially increasing complexity of many scientific applications and the high cost of supercomputing force us to explore new, sustainable, and affordable high-performance computing platforms. Recent significant advances in FPGA technology and the inherent advantages of configurable logic have brought about new research efforts in the configurable computing field: parallel processing on configurable chips. We explore here parallel LU factorization of large sparse block-diagonal-bordered (BDB) matrices on a configurable multiprocessor that we have designed and implemented. A dynamic load balancing strategy is proposed and analyzed. Performance results for IEEE power test systems are provided. Our research provides evidence that configurable logic can be a viable alternative to high-performance scientific computing.