- Borrego plans to spin off and sell its development company
- The prospective deal’s financial terms were not revealed
- The business also manages 1.4 GW of solar assets.
Borrego, a developer and EPC supplier of solar and energy storage projects, plans to spin off and sell its development company and its 8.4 GW portfolio of PV and 6.4 GW/25 GWh of energy storage projects.
The San Diego-based company announced that it had reached a definitive deal to sell the business to ECP, an energy transition-focused investor. The prospective deal’s financial terms were not revealed.
ECP’s development efforts will be managed as a separate entity following the divestiture. The company will be headquartered in Lowell, Massachusetts, and its current leadership team will be overseen. Dan Berwick, who is presently the president of the development business, will lead the new company.
“We’re excited to join forces with Borrego’s development business to create ECP’s eleventh renewable platform and fourth standalone solar platform,” said Andrew Gilbert, partner at ECP.
JP Morgan Securities LLC advised Borrego on the deal. After unloading the development business, the company will focus on its engineering, procurement, and construction (EPC) and operations and maintenance (O&M) activities.
Borrego is currently designing and building more than 450 MW of solar and 200 MW of energy storage projects. For clients, the business also manages 1.4 GW of solar assets.