Walsin Lihwa Corporation Announced the Sale of its U.S. Solar Development Business to ECP for restructuring its business strategy of green energy2022.05.25
Walsin Lihwa Corporation announced today that it agreed to spin off and sell the development business of its U.S. subsidiary, Borrego Solar Systems, Inc., to ECP, a leading energy transition-focused investor with an almost two decades-long reputation in the electricity, renewable and sustainable solutions sector. The total transaction amount is estimated to reach USD 567 million and the gain on disposal for Walsin will be USD 288 million.
Walsin Lihwa has expanded its business scope into renewable industry since 2008 and invested in Borrego Solar Systems, Inc. in order to offer a broad range of renewable energy services. Borrego accelerates the development and delivery of large commercial, community solar, utility-scale solar and energy storage projects in the United States. It has a track record of superior performance across the hundreds of large solar and energy storage projects it has designed, built and maintains throughout the United States. The motivation behind the sale of Borrego’s development business to ECP is to break through the bottleneck of national expansion of the business with the aid of ECP’s impressive team and its expertise in renewable energy investing. Walsin Lihwa will invest continuously in its engineering, procurement and construction (EPC) and operations and maintenance (O&M) business units in order to capitalize on the rapidly expanding opportunity set in renewable energy creation and storage.