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

• United States solar and energy storage designer Borrego has actually finished the formerly announced spin off and also sale of its development business to energy transition investor ECP for a concealed quantity, with the new company being relabelled as New Leaf Energy.

To be operated as an independent business by ECP, New Leaf Energy will certainly remain to be led by the existing leadership group. Borrego just recently claimed that the sale would lead to the development arm being much less resources constricted.

The company has a pipe of 450 projects, consisting of greater than 8.5 GW of solar PV as well as 7GW/28GWh of energy storage space projects and will proceed its concentrate on distributed generation (DG) as well as utility-scale solar and also storage space following the sale to ECP.

Borrego stated New Leaf Energy will certainly aim to enhance its presence in its core markets of New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois as well as targeting new markets consisting of California, Arizona and also Colorado.

"We bring the expertise, experience, culture as well as development approach we developed at Borrego to New Leaf Energy and the ECP family of firms," claimed Dan Berwick, CEO of New Leaf Energy, who added there would be no interruption to business operations as a result of the sale.

The purchase represents ECP's 11th renewable system as well as its 4th focused on the solar sector, according to ECP partner Andrew Gilbert.

"New Leaf Energy will be a crucial part of ECP's strategic development in lasting infrastructure development and decarbonisation with electrification," he added.

Borrego's CEO Mark Hall claimed, following the deal, the company would concentrate on taking its design, procurement and construction (EPC) and third-party operations and upkeep (O&M) businesses "to the following level".

"We have positive momentum, with several large-scale energy projects incomplete, numerous megawatts of O&M contracts just recently signed and also the rollout of our Anza PV module and storage purchase marketplace underway," he said.