Borrego completes solar-plus-storage development arm sale to investors ECP

Facebook
Twitter
LinkedIn
Reddit
Email
A 27MW solar project from Borrego in Maine. Image: Borrego.

US solar and energy storage developer Borrego has completed the previously announced spin off and sale of its development business to energy transition investor ECP for an undisclosed amount, with the new company being renamed as New Leaf Energy.

To be operated as an independent business by ECP, New Leaf Energy will continue to be led by the existing leadership team. Borrego recently said that the sale would result in the development arm being less capital constrained.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The company has a pipeline of 450 projects, comprising more than 8.5GW of solar PV as well as 7GW/28GWh of energy storage projects and will continue its focus on distributed generation (DG) and utility-scale solar and storage following the sale to ECP.

Borrego said New Leaf Energy will look to strengthen its presence in its core markets of New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois as well as targeting new markets including California, Arizona and Colorado.

“We bring the expertise, experience, culture and development approach we honed at Borrego to New Leaf Energy and the ECP family of companies,” said Dan Berwick, CEO of New Leaf Energy, who added there would be no disruption to business operations as a result of the sale.

The purchase represents ECP’s 11th renewable platform and its fourth focused on the solar sector, according to ECP partner Andrew Gilbert.

“New Leaf Energy will be a key part of ECP’s strategic growth in sustainable infrastructure development and decarbonisation through electrification,” he added.

Borrego’s CEO Mark Hall said, following the transaction, the company would focus on taking its engineering, procurement and construction (EPC) and third-party operations and maintenance (O&M) businesses “to the next level”. 

“We have positive momentum, with several large-scale utility projects under construction, hundreds of megawatts of O&M contracts recently signed and the rollout of our Anza PV module and storage procurement marketplace underway,” he said.  

7 October 2025
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 7-8 October 2025 is our third PV CellTech conference dedicated to the U.S. manufacturing sector. The events in 2023 and 2024 were a sell out success and 2025 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
21 October 2025
New York, USA
Returning for its 12th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
16 June 2026
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 16-17 June 2026, will be our fifth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2027 and beyond.

Read Next

August 8, 2025
This week several solar developers have raised funds for projects around the world, including BRUC in Europe, Greenalia in the US, Qair in Mauritius and CREC in Philippines.
August 8, 2025
US solar tracker manufacturer Array Technologies has posted revenue of US$362.2 million in the second quarter of this year.
Premium
August 8, 2025
Energy storage escaped much of the pain inflicted on solar, but foreign entity restrictions may create some supply-chain challenges.
August 8, 2025
Solar PV is likely to become less accessible to low-income Americans after the Environmental Protection Agency (EPA) cancels the US$7 billion Solar For All scheme.
August 8, 2025
SolarEdge posted inverter shipments of 1.19GW in the second quarter of this year, alongside BESS sales of 247MWh.
August 8, 2025
German renewable energy developer ib vogt has officially broken ground on a 99MWp solar PV power plant in South Cotabato, the Philippines.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines