Borrego Announces Spin Off and Sale of Development Business to ECP

SAN DIEGO, May perhaps 25, 2022 /PRNewswire/ — Borrego, a foremost developer, EPC and O&M company for significant-scale photo voltaic and power storage projects throughout the United States, nowadays announced that it has entered into a definitive arrangement to spin off and sell its enhancement enterprise, which includes its project pipeline of in excess of 8.4 GW of solar and 6.4 GW/25 GWh of power storage, to ECP, a top power transition-concentrated trader with an virtually two decades-very long name in the electrical energy, renewable and sustainable alternatives sector.

On the completion of the transaction, ECP will run the advancement business enterprise as an unbiased firm. The organization will be headquartered in Lowell, Mass., and will be led by the present-day advancement workforce as they continue on to execute on the prolonged-time period business enterprise method in partnership with ECP. Dan Berwick, at the moment President of the enhancement business enterprise, will turn into CEO.

“Borrego’s progress company owns a most effective-in-course track history and challenge pipeline. We are thrilled to be partnering with Dan and team to support proceed the company’s large progress and accomplishment,” explained Andrew Gilbert, husband or wife at ECP. “At ECP, we feel the prospect set in sustainable infrastructure is growing speedily as the world carries on to progress electrification as a signifies to decarbonize. We are excited to be part of forces with Borrego’s enhancement enterprise to create ECP’s eleventh renewable system and fourth standalone solar system.”

Borrego will continue to spend in its engineering, procurement and building (EPC) and operations and upkeep (O&M) company units. Borrego EPC is a national builder of utility-scale and local community-scale solar and energy storage tasks with extra than 450 MW of solar jobs and 200 MW of electrical power storage initiatives presently in structure or development. Borrego is also a leader in 3rd-get together O&M solutions for distributed generation and utility-scale solar vegetation. The crew at this time manages the effectiveness of 1.4 GW and around 1,000 solar running belongings, the greater part of which have been developed by other EPCs.

“We are looking at remarkable options in Borrego’s EPC and O&M companies. This sale assures we can commit in our persons and build the technologies that will place them to capitalize on what will be a report-breaking ten years for solar and storage deployment in the United States,” explained Mike Hall, main government officer of Borrego. “I am grateful for the remarkable growth workforce that I have had the pleasure of working with for the last 12 decades. We are thrilled that we were in a position to uncover a partner with ECP’s market practical experience, economical methods and track record. I am confident that together they will carry out excellent matters and go on Borrego’s mission to accelerate the adoption of renewable energy.”

J.P. Morgan Securities LLC acted as unique financial advisor to Borrego in connection with the transaction.

About Borrego
Borrego, a major developer, EPC and O&M supplier, accelerates the advancement and shipping and delivery of substantial industrial, local community solar, and utility-scale photo voltaic and electrical power storage jobs in the United States. Borrego presents a wide variety of renewable electrical power solutions and has a keep track of document of top-quality overall performance in the hundreds of large photo voltaic and strength storage initiatives it has made, developed and maintains all over the United States. Established in 1980, it has regional workplaces in California, Massachusetts, and New York with a nationwide footprint. Borrego generates price by supporting companions make improved conclusions at important details in just about every project’s daily life. Its workforce provides deep complex experience to its mission of resolving the world’s strength challenges. For more facts, check out www.borregoenergy.com.

About ECP
ECP, founded in 2005, is a primary trader throughout electrical power transition, electrification and decarbonization infrastructure property, including electric power technology, renewables and storage solutions, environmental infrastructure and efficiency & reliability belongings facilitating the power changeover. The ECP crew, comprised of 61 individuals with 500 decades of collective sector working experience, deep abilities and intensive associations, has consummated much more than 60 transactions around the last 10 yrs, symbolizing a lot more than $45 billion of company value. For extra information and facts, pay a visit to www.ecpgp.com.

Media Contacts

Kiterocket for Borrego
Danielle Grobmeier
480-286-3365
[email protected]

ECP
Jonathan Keehner / Woomi Yun / Kara Brickman
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449