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.
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.