Correlate Infrastructure Partners Inc., an energy optimization and clean energy solutions provider for North America, has signed a nonbinding letter of intent to acquire Aegis Renewable Energy Inc. Aegis is a commercial, industrial and community solar company focused on solar project development and engineering, procurement and construction services in the eastern United States.
Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company strategic abilities to capitalize on the Northeast renewable energy market. With expertise in simplifying energy optimization and sustainability, Correlate intends to utilize Aegis’ regulatory knowledge, project fulfillment, and operations and maintenance capabilities to deliver on and expand its project backlog in the region.
“Upon completion of this key acquisition, Correlate will add to its highly experienced team and will bring proven success to the Northeast market as a leading renewable energy project developer while creating a compelling fit for expanding Correlate’s energy optimization platform,” states Todd Michaels, Correlate’s CEO and president.
“Our search was focused on finding the best strategic fit to match our growth, culture, diversification and strength of leadership goals,” shares Nils Behn, CEO of Aegis. The acquisition will also conclude a year-long search by Aegis. “After rejecting several offers from other companies, we were approached by Correlate and it became apparent very quickly that they hit the mark on all fronts. We couldn’t be happier with our decision to join their team.”
“This proposed Aegis Renewable Energy acquisition will bolster Correlate’s Northeast presence with a top-notch team that has been successfully executing commercial and community-scale solar energy systems for the past 11 years,” notes Channing Chen, CFO of Correlate. “In addition to a strong regional presence, the team’s capabilities and expertise can be leveraged more broadly to help execute opportunities nationally and align with Correlate’s core values and objectives.”
“We intend 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 by all parties,” Chen adds.
The proposed acquisition was previously announced on the Form 8-K filing on Aug. 25. It is currently anticipated to close in Q4 2022.