US-based Borrego said it will spin off and sell its development unit to ECP, along with its project pipeline of 8.4 GW solar and 6.4 GW/25 GWh of energy storage.
From pv magazine USA
Borrego has revealed that it will spin off and sell its PV development business to ECP, an energy-focused investor with an almost two decades of experience in the electricity, renewable and sustainable solutions sector. The sale includes Borrego’s project pipeline, which features 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, Massachusetts. 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 its engineering, procurement, and construction (EPC) unit and its O&M business. The EPC division is a national developer with more than 450 MW of solar projects and 200 MW of energy storage projects under construction. The O&M unit currently manages 1.4 GW of solar at more than locations, most of which were built by other EPC service providers.