New Leaf Energy has formed from the spin off and sale of Borrego's solar and energy storage development business.
Dan Berwick will serve as New Leaf Energy's CEO after previously leading Borrego's development business (Courtesy: New Leaf Energy)New Leaf Energy will operate as an independent business under the ownership of the sustainability investment firm ECP. Current development team leadership will transition from Borrego to New Leaf, the companies said.
New Leaf Energy will be headquartered in Lowell, Mass., and will be led by Dan Berwick, who served as Borrego's president of the development business.
In June, Borrego announced the spin off and sale of its solar and energy storage development business to maximize its focus on engineering, procurement, and construction (EPC) and operations and maintenance (O&M) work.
Borrego CEO Mike Hall said in a statement his company will continue to invest in its EPC and O&M business units. Borrego currently manages the performance of 1.4 GW and over 1,000 solar operating assets.
“We are seeing tremendous opportunities in Borrego’s EPC and O&M services," Hall said. "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."
Subscribe today to the all-new Factor This! podcast from Renewable Energy World. This podcast is designed specifically for the solar industry and is available wherever you get your podcasts.
Listen to the latest episode featuring Jose Zayas, EVP of Policy and Programs, American Council on Renewable Energy who offered an instant reaction to the Manchin/Schumer reconciliation news.
New Leaf Energy has a large pipeline of 450 projects, comprising more than 8.5 GW of solar and 7 GW and 28 GWh of energy storage projects.
The company will specialize in distributed generation (DG) and utility-scale solar and storage.
New Leaf Energy will work on strengthening its solar and energy storage DG presence in core markets such as New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware, and Illinois. It will also continue pursuing targeted utility-scale solar and storage development in several of those markets as well as in additional states including California, Arizona, and Colorado.
“Borrego made us the best renewable energy developer in the country, and we will always share a bond with our friends there,” Berwick said. “There will be no disruption to our business focus or for our customers, and stakeholders can continue to rely on our tremendous track record of industry leadership under the new flag.”
New Leaf Energy becomes ECP’s 11th renewable platform and our fourth focused on the solar sector.