Correlate unveils non-binding deal to buy Aegis Renewable Energy

Residential solar system. Author: mjmonty. License: Creative Commons, Attribution 2.0 Generic.

September 21 (Renewables Now) - US clean energy solutions provider Correlate Infrastructure Partners Inc (OTCQB:CIPI) has inked a non-binding letter of intent (LOI) to take over local solar company Aegis Renewable Energy Inc in a deal aimed at enhancing its sales, development and construction capabilities.

The terms of the planned transaction, which is seen to expand Correlate’s presence into the Northeast renewables market, were kept under wraps.

Vermont-based Aegis develops and builds commercial, industrial and community solar projects throughout New England. It has designed and installed over 37 solar energy systems, totalling over 17 MW, since its inception ten years ago. This installed capacity consists of 13.9 MW of ground-mounted and 3.1 MW of rooftop commercial solar projects, according to the company's website.

Correlate noted that the acquisition will provide the company with strategic abilities to capitalise on the burgeoning Northeast renewable energy market. Vermont’s state government is targeting a 90% share of renewables in its energy mix by 2050.

The statement about the LIO with Aegis comes after Correlate in July disclosed that it had set its sight on a solar, battery storage and roofing business, based out of California, with 2021 revenues of USD 175 million (EUR 176.6m). The name of the target company was not disclosed at the time.

CFO Channing Chen noted that the company intends to move toward the execution of a definitive acquisition agreement and the closing of the Aegis transaction as soon as due diligence has concluded and closing conditions have been achieved.

Shreveport, Louisiana-based Correlate is a portfolio-scale development and finance platform that offers facilities access to clean electrification solutions focused on locally sited solar, energy storage, EV infrastructure and intelligent efficiency measures.

(USD 1 = EUR 1.009)

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Marta is an M&A and IPO specialist with years of experience covering energy deals in the US and EU.

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