US solar and storage developer Borrego has completed the spin off and sale of its development business to ECP.
ECP will operate the business, renamed New Leaf Energy, as an independent entity to be led by the current development leadership team.
Headquartered in Lowell, Massachusetts, New Leaf Energy has a pipeline of 450 projects, comprising more than 8.5GW of solar and 7GW/28GWh of energy storage projects.
The company will specialise in distributed generation and utility-scale solar and storage.
New Leaf Energy will work on strengthening its considerable 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.
“We bring the expertise, experience, culture and development approach we honed at Borrego to New Leaf Energy and the ECP family of companies,” said Dan Berwick, CEO of New Leaf Energy.
“Borrego made us the best renewable energy developer in the country, and we will always share a bond with our friends there.
“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.
“ECP is a supportive owner with tremendous experience in this space and we’re excited for their support as we continue to pursue our mission.”