Borrego, a developer, EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, has completed the spinoff and sale of its development business to ECP. The new company will be named New Leaf Energy and will be operated as an independent business by ECP, an energy transition-focused investor.
New Leaf Energy will be led by the current development leadership team as they continue to execute on their long-term business strategy in partnership with ECP.
Headquartered in Lowell, Mass., New Leaf Energy has a large pipeline of 450 projects, comprising more than 8.5 GW of solar, and 7 GW and 28 GWh of energy storage projects. The company will specialize in distributed generation (DG) and utility-scale solar and storage. New Leaf Energy will work on strengthening its considerable solar and energy storage DG presence in core markets such as New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois. It will also continue pursuing targeted utility-scale solar and storage development in several of those markets as well as in additional states 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,” says Dan Berwick, CEO of New Leaf Energy. “Borrego made us the best renewable energy developer in the country, and we will always share a bond with our friends there. There will be no disruption to our business focus or for our customers, and stakeholders can continue to rely on our tremendous track record of industry leadership under the new flag. ECP is a supportive owner with tremendous experience in this space and we’re excited for their support as we continue to pursue our mission.”
“New Leaf Energy will be ECP’s 11th renewable platform and our fourth focused on the solar sector,” states Andrew Gilbert, partner at ECP. “New Leaf Energy will be a key part of ECP’s strategic growth in sustainable infrastructure development and decarbonization through electrification. We are looking forward to rolling up our sleeves alongside their exceptional team and providing the resources the company needs to continue their winning streak.”
“While we will miss our friends and colleagues as they turn over to New Leaf Energy, we are proud of the incredible work we did together at Borrego over the years,” mentions Mike Hall, CEO of Borrego. “Now that we’ve completed this transaction, we are focusing our resources on taking our 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.”
J.P. Morgan Securities LLC acted as exclusive financial adviser to Borrego in connection with the transaction, and Covington Burling LLP provided legal counsel.