Leading solar and energy storage engineering, procurement, and construction (EPC) and operations and maintenance (O&M) firm Borrego announced it will spin off and sell its development business to ECP, an energy transition-focused investor with an almost two decades-long reputation in the electricity, renewable and sustainable solutions sector.
The sale includes Borrego’s project pipeline, which contains 8.4 GW of solar and 6.4 GW / 25 GWh of energy storage.
ECP will own the development business as a new, separate entity. The current development team will remain in place, and the headquarters will be in Lowell, Mass. Dan Berwick, currently President of the development business, will become CEO.
“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,” said Mike Hall, chief executive officer of Borrego. “I am thankful for the incredible development team that I’ve had the pleasure of working with for the last 12 years.
Borrego said it will continue to invest in both its EPC and O&M business units. The EPC unit is a national developer with more than 450 MW of solar projects and 200 MW of energy storage projects currently in design or construction. The O&M unit currently manages the performance of 1.4 GW and over 1,000 solar operating assets, the majority of which were built by other EPCs.
The acquisition expands ECP’s already significant investment in the energy transition. “We’re excited to join forces with Borrego’s development business to create ECP’s eleventh renewable platform and fourth standalone solar platform,” said Andrew Gilbert, partner at ECP.
ECP was founded in 2005 and has performed more than 60 transactions over the last decade, representing more than $45 billion of enterprise value.
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