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.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
2 comments
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.