Correlate Infrastructure Partners announced a non-binding letter of intent to acquire Vermont-based Aegis Renewable Energy. Aegis is a commercial, industrial and community solar company focused on solar project development and EPC services in the eastern United States and is a member of the Amicus Solar Cooperative Network.
Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company strategic abilities to capitalize on the burgeoning Northeast renewable energy market. With expertise in simplifying energy optimization and sustainability, Correlate intends to utilize Aegis’ deep regulatory knowledge, project fulfillment and operations and maintenance capabilities to deliver on and expand its project backlog in the region.
The Northeast renewables market is exceptionally robust. As an example, Vermont’s state government set goals to meet 90% of its energy needs with renewable sources by 2050. Many other Northeastern states also have ambitious renewable targets including Maine, New York, Maryland, Massachusetts and New Jersey. An acquisition of Aegis provides Correlate immediate entry to Vermont markets and the entire 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,” said Todd Michaels, Correlate’s CEO and president.
The acquisition will also conclude an exhaustive year-long search by Aegis.
“Our search was focused on finding the best strategic fit to match our growth, culture, diversification, and strength of leadership goals,” shared Nils Behn, CEO of 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.”
News item from Correlate Infrastructure Partners