- Correlate just entered into a non-binding letter of intent to acquire Aegis Renewable Energy Inc. in a move that seeks to enhance sales, development, and construction capabilities for the company
- The acquisition also looks to strengthen Correlate’s human resources, equipping it with the necessary skills and expertise to take on the American Northeast market
- It is anticipated to close in Q4 2022 once due diligence is completed, and` upon its successful completion, Aegis will become Correlate’s third subsidiary, adding to its growing footprint in the American market
- Aegis will lend Correlate its strategic abilities to capitalize on the growing Northeast renewable energy market, along with its deep regulatory knowledge, project fulfillment, operations, and maintenance capabilities
Correlate Infrastructure Partners (OTCQB: CIPI) just entered into a non-binding letter of intent to acquire Aegis Renewable Energy Inc., a Vermont-based commercial, industrial, and community solar company. Through this acquisition, Correlate looks to bolster its presence in the Northeast while enhancing its sales, development, and construction capabilities (https://ibn.fm/pZ9Er).
“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,” noted Channing Chen, Correlate’s Chief Financial Officer (“CFO”).
Aegis has made a name for itself as a leader in the renewable energy space, particularly with its focus on solar project development and engineering, procurement, and construction (“EPC”) services in the eastern United States. The company is also a member of the Amicus Solar Cooperative Network. Aegis will lend Correlate its strategic abilities to capitalize on the growing Northeast renewable energy market, along with its deep regulatory knowledge, project fulfillment, and operations and maintenance capabilities.
The acquisition will also strengthen Correlate’s human resources, equipping it with the necessary skills and expertise to take on the Northeast market and make the enterprise more competitive in the region.
It comes at an opportune time, with Aegis encountering several offers earlier. According to Nils Behn, Aegis CEO, the company’s focus was finding the best strategic fit to match its growth, culture, diversification, and strength of leadership goals, and Correlate checked off all the boxes.
The proposed acquisition is anticipated to close in the fourth quarter of the 2022 financial year, following the completion of all due diligence. Once successful, Aegis will become Correlate’s third subsidiary, after Correlate and Solar Site Design, adding to the growing Correlate footprint in the American market and strengthening its product and service offerings.
It will also help accelerate Correlate’s growing quarter-over-quarter results, ultimately increasing its margins and creating value for its shareholders. With the growing potential of the Northeast market, particularly with Vermont’s state government setting goals to meet 90% of its energy needs with renewable sources by 2050, Correlate has positioned itself for growth. It has also set itself on track to being the leading provider of clean energy and grid optimization across North America.
For company information, visit the company’s website at www.CorrelateInfra.com, including the following:
- Breaking Down Barriers To Your ESG Goals While Generating Additional Net Operating Income: www.CorrelateInfra.com/our-process
- Platform Generates New Rent And Operating Income, Allowing You To Meet Your ESG Goals: www.CorrelateInfra.com/program
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://ibn.fm/CIPI
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