Borrego, a developer, EPC and O&M supplier for large-scale solar and energy storage tasks, has entered right into a definitive settlement to spin off and promote its growth enterprise, together with its venture pipeline of over 8.4 GW of solar and 6.4 GW/25 GWh of energy storage, to ECP, an energy transition-focused investor.
Upon the completion of the transaction, ECP will function the event enterprise as an unbiased firm. The enterprise shall be headquartered in Lowell, Mass., and shall be led by the present growth workforce as they proceed to execute on the long-term enterprise technique in partnership with ECP. Dan Berwick, presently president of the event enterprise, will grow to be 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,” says Andrew Gilbert, companion 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 proceed to spend money on its engineering, procurement and building (EPC) and operations and upkeep (O&M) enterprise items. Borrego EPC is a nationwide builder of utility-scale and community-scale solar and energy storage tasks with greater than 450 MW of solar tasks and 200 MW of energy storage tasks presently in design or building. The workforce presently manages the efficiency of 1.4 GW and over 1,000 solar working property, nearly all of which had been constructed by different EPCs.
“We are seeing tremendous opportunities in Borrego’s EPC and O&M services. 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,” states Mike Hall, CEO of Borrego. “I am thankful for the incredible development team that I’ve had the pleasure of working with for the last 12 years. We are thrilled that we were able to find a partner with ECP’s industry experience, financial resources and reputation.”
J.P. Morgan Securities LLC acted as unique monetary advisor to Borrego in reference to the transaction.