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. ECP, an energy-transition-focused investor, will operate the new company under the name New Leaf Energy.
New Leaf Energy will continue to be managed by the current leadership team of development as they execute on their long-term strategic partnership with ECP.
New Leaf Energy, headquartered in Lowell (Mass.), has a large pipeline of projects that includes more than 8.5 GW solar and 7 GW and 28. GWh energy storage projects. The company will focus on distributed generation (DG) as well as utility-scale solar and storage. New Leaf Energy will focus on strengthening its existing presence in core markets like New York and Massachusetts, Maine, Virginia and Pennsylvania. It will also continue to pursue utility-scale solar and storage development within several of these markets, as well as in additional states like 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. The new flag will not affect our business focus or our customers. All stakeholders can still rely upon our outstanding track record of industry leadership. 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.”
Borrego was served as the exclusive financial advisor by J.P. Morgan Securities LLC. Covington burling LLP provided legal counsel.