US solar and energy storage developer Borrego has completed the previously announced spin off and sale of its development business to energy transition investor ECP for an undisclosed amount, with the new company being renamed as New Leaf Energy.

To be operated as an independent business by ECP, New Leaf Energy will continue to be led by the existing leadership team. Borrego recently said that the sale would result in the development arm being less capital constrained.

The company has a pipeline of 450 projects, comprising more than 8.5GW of solar PV as well as 7GW/28GWh of energy storage projects and will continue its focus on distributed generation (DG) and utility-scale solar and storage following the sale to ECP.

Borrego said New Leaf Energy will look to strengthen its presence in its core markets of New York, Massachusetts, Maine, Virginia, Pennsylvania, Delaware and Illinois as well as targeting new markets including California, Arizona and Colorado.

Borrego’s CEO Mark Hall said, following the transaction, the company would focus on taking its engineering, procurement and construction (EPC) and third-party operations and maintenance (O&M) businesses “to the next level”. 

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