Borrego, a developer, EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, completed the spin off and sale of its development business to ECP. The new company, New Leaf Energy, will be operated as an independent business by ECP.
New Leaf Energy headquarters are in Lowell, Mass., and it is being led by Borrego’s former development business management team who will focus on strengthening its solar and energy storage distributed generation (DG) presence in core markets such as New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware, and Illinois.
“We bring the expertise, experience, culture and development approach we honed at Borrego to New Leaf Energy and the ECP family of companies,” said 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. There will be no disruption to our business focus or for our customers, and stakeholders can continue to rely on our tremendous track record of industry leadership under the new flag. 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 has a large pipeline of 450 projects, comprising more than 8.5 GW of solar and 7 GW and 28 GWh of energy storage projects. The company will specialize in DG and utility-scale solar and storage. It will also continue pursuing targeted utility-scale solar and storage development in several of those markets as well as in additional states including California, Arizona and Colorado.
“New Leaf Energy will be ECP’s 11th renewable platform and our fourth focused on the solar sector,” said 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.”
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