According to foreign media reports, the US solar and energy storage developer Borrego has announced that it has completed the spin-off of its business units and sold its energy development business to energy transition investor ECP, but the amount of the sale was not disclosed. The new company will be renamed New Leaf Energy.
New Leaf Energy is run by ECP as an independent business and will continue to be led by its existing leadership team. For this reason, Borrego said that the sale can reduce the financial constraints faced by the development department.
New Leaf Energy plans to deploy 450 projects, including a total installed capacity of more than 8.5GW of solar power generation facilities and 7GW/28GWh of battery energy storage systems, after the sale to ECP, will continue to focus on distributed generation (DG) and utility Development and deployment of enterprise-scale solar power generation facilities and energy storage systems.
Borrego said New Leaf Energy will seek to strengthen its presence in core markets including New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois, with plans to enter states including California, New markets including Arizona and Colorado.
