Borrego, a developer, EPC and O&M provider for large-scale solar and energy storage projects, has entered into a definitive agreement to spin off and sell its development business, including its project pipeline of over 8.4 GW of solar and 6.4 GW/25 GWh of energy storage, to ECP, an energy transition-focused investor.
ECP will manage the development business independently after the transaction is complete. The business will have its headquarters in Lowell (Mass.) and will be run by the current development staff as they execute on the long-term strategy in partnership. Dan Berwick, the current president of the development company, will be the CEO.
“Borrego’s development business owns a best-in-class track record and project pipeline. We are thrilled to be partnering with Dan and team to help continue the company’s tremendous growth and success,” says Andrew Gilbert, partner at ECP. “At ECP, we believe the opportunity set in sustainable infrastructure is expanding rapidly as the world continues to advance electrification as a means to decarbonize. We’re excited to join forces with Borrego’s development business to create ECP’s eleventh renewable platform and fourth standalone solar platform.”
Borrego will continue to invest in its engineering, procurement and construction (EPC) and operations and maintenance (O&M) business units. Borrego EPC is a national builder for utility-scale and community scale solar and energy storage projects. It currently has more than 350 MW of solar projects in development or construction. The team manages 1.4 GW of solar operating assets and more than 1,000 others.
“We are seeing tremendous opportunities in Borrego’s EPC and O&M services. This sale ensures we can invest in our people and build the technology that will position them to capitalize on what will be a record-breaking decade for solar and storage deployment in the United States,” states Mike Hall, CEO of Borrego. “I am thankful for the incredible development team that I’ve had the pleasure of working with for the last 12 years. We are thrilled that we were able to find a partner with ECP’s industry experience, financial resources and reputation.”
Borrego was served as the exclusive financial adviser by J.P. Morgan Securities LLC.