Borrego Announces Spin Off and Sale of Development Business to ECP – Benzinga – Press Release


SAN DIEGO, May 25, 2022 /PRNewswire/ —¬†Borrego, a leading developer, EPC and O&M provider for large-scale solar and energy storage projects throughout the United States, today announced that it has entered into a definitive agreement to spin off and sell its development business, including its project pipeline of over 8.4 GW of solar and 6.4 GW/25 GWh of energy storage, to ECP, a leading energy transition-focused investor with an almost two decades-long reputation in the electricity, renewable and sustainable solutions sector.

Upon the completion of the transaction, ECP will operate the development business as an independent company. The business will be headquartered in Lowell, Mass., and will be led by the current development team as they continue to execute on the long-term business strategy in partnership with ECP. Dan Berwick, currently President of the development business, will become CEO.

“Borrego’s development business owns a best-in-class track record and project pipeline. We are thrilled to be partnering with Dan and team to help continue the company’s tremendous growth and success,” said Andrew Gilbert, partner at ECP. “At ECP, we believe the opportunity set in sustainable infrastructure is expanding rapidly as the world continues to advance electrification as a means to decarbonize. We’re excited to join forces with Borrego’s development business to create ECP’s eleventh renewable 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 more than 450 MW of solar projects and 200 MW of energy storage projects currently in design or construction. Borrego is also a leader in third-party O&M services for distributed generation and utility-scale solar plants. The team currently manages the performance of 1.4 GW and…