Borrego to spin off its development business and focus just on EPC and O&M work in solar and storage

Project developer solar and storage, EPC and O&M provider Borrego announced that it will sell its development activities (including an 8.4 GW solar/25-GWh storage pipeline) to: ECPan investor focused on energy transition.

After closing of the transaction, ECP will continue its development activities as an independent company. The company is headquartered in Lowell, Massachusetts and will be led by the current Borrego development team as they continue to execute on the long-term strategy in partnership with ECP. Dan Berwick, currently president of the development division, will become CEO.

“Borrego’s development company has a best-in-class track record and project pipeline. We are delighted to be working with Dan and his team to continue the tremendous growth and success of the company,” said Andrew Gilbert, partner at ECP. “At ECP, we believe that the opportunities offered by sustainable infrastructure are expanding rapidly as the world continues to promote electrification as a means of decarbonisation. We are excited to join forces with Borrego’s development activities to create ECP’s 11th sustainable 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 of utility-scale and community-scale solar and energy storage projects with over 450 MW of solar projects and 200 MW of energy storage projects currently under design or construction. Borrego is also a leader in third-party O&M services for distributed generation and utility-scale solar power plants. The team currently manages 1.4 GW of performance and more than 1,000 solar assets, most of which are built by other EPCs.

“We see huge opportunities in Borrego’s EPC and O&M services. This sale allows us to invest in our people and build the technology that will position them to take advantage of what will be a record-breaking decade for solar and storage deployment in the United States,” said Mike Hall, CEO from Borrego. “I am grateful for the incredible development team that I have had the opportunity to work with over the past 12 years. We are delighted to have found a partner with ECP’s experience, financial resources and reputation in the industry. I am confident that together they will achieve great things and continue Borrego’s mission to accelerate the adoption of renewable energy.”

JP Morgan Securities LLC acted as exclusive financial advisor to Borrego in connection with the transaction.

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