Borrego Announces Spin Off and Sale of Development Business to ECP
Business to operate as New Leaf Energy, an independent arm of ECP focused on distributed generation and utility-scale projects in the U.S.
SAN DIEGO – July 28, 2022 – Borrego, a leading developer, EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, today announced it has completed the spin off and sale of its development business to ECP. The new company will be named New Leaf Energy and will be operated as an independent business by ECP, a leading energy transition-focused investor with an almost two decades-long reputation in the electricity, renewable and sustainable solutions sector. New Leaf Energy will be led by the current development leadership team as they continue to execute on their long-term business strategy in partnership with ECP.
Headquartered in Lowell, Mass., 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 distributed generation (DG) and utility-scale solar and storage. New Leaf Energy will work on strengthening its considerable solar and energy storage DG presence in core markets such as New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois. 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.
“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 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.”
“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,” said 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.” J.P. Morgan Securities LLC acted as exclusive financial adviser to Borrego in connection with the transaction, and Covington Burling LLP provided legal counsel.
Borrego, a leading developer, EPC and O&M provider, accelerates the development and delivery of large commercial, community solar, and utility-scale solar and energy storage projects in the US. Borrego offers a broad range of renewable energy services and has a track record of superior performance in the hundreds of large solar and energy storage projects it designed, built, and maintains throughout the U.S. Established in 1980, it has regional offices in California, Massachusetts, and New York with a nationwide footprint. Borrego creates value by helping partners make better decisions at critical points in every project’s life. Its team brings deep technical expertise to its mission of solving the world’s energy problems. For more information, visit www.borregoenergy.com.
About New Leaf Energy
New Leaf Energy is one of the leading developers of renewable energy and energy storage projects in the United States, both distributed generation and utility scale. Established as a standalone business in 2022 and headquartered in Lowell, Mass., the company was formed out of Borrego’s market-leading solar and energy storage development business and is being led by Borrego’s former development business management team. New Leaf Energy partners with landowners, utilities and local communities to secure, design and permit commercial, community and utility-scale renewable energy and energy storage projects and prepare them for sale to long-term asset owners. Together with its partners, New Leaf Energy accelerates the adoption of renewable energy in service of the goal of rapidly decarbonizing our society. For more information, visit www.newleafenergy.com.
ECP, founded in 2005, is a leading investor across energy transition, electrification and decarbonization infrastructure assets. The ECP team, comprised of 61 people with 500 years of collective industry experience, deep expertise and extensive relationships, has consummated more than 60 transactions over the last 10 years, representing more than $45 billion of enterprise value. For more information, visit www.ecpgp.com.