US based solar and storage developer, EPC and O&M service provider Borrego will spin off and sell its development business including a project pipeline of more than 8.4 GW solar and 6.4 GW/25 GWh of energy storage to energy investor ECP.
Currently, Borrego has over 450 MW of solar and 200 MW energy storage project in design or construction. It also manages the performance of 1.4 GW and more than 1,000 solar operating assets.
Under the definitive agreement signed, ECP will take over the assets and operate the development business as an independent company to be led by the current team. It will be headed by Dan Berwick as the CEO who is currently president of the development business. ECP's current solar investments include US residential solar and storage company Sunnova, distributed solar development platform Pivot Energy and utility scale renewables company Terra-Gen.
Meanwhile, Borrego said it will continue to invest in EPC and operation and maintenance business units which is where it sees 'tremendous opportunities'.
Borrego's CEO Mike Hall explained, "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."