Borrego wraps up spin-off, sale of solar development ops to ECP

US solar plants builder and operator Borrego no longer owns a project development business after closing the sale of the one it had to energy transition-focused investor ECP.

Borrego has completed the spin-off of said business before selling it to the new owner, which has renamed the entity to New Leaf Energy, according to an announcement on Thursday.

Lowell, Massachusetts-based New Leaf Energy has a pipeline of 450 projects representing over 8.5 GW of solar and 7 GW/28GWh of energy storage capacity. Its speciality will be the development of distributed generation (DG) and utility-scale projects under the existing leadership team. The firm’s core markets are New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois, while others it plans to expand in include California, Arizona and Colorado.

"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," said Mike Hall, CEO of Borrego.

In turn, ECP partner Andrew Gilbert noted that New Leaf Energy will be the investor's 11th renewable platform and its fourth focused on the solar sector.

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