Aegis Renewable Energy has signed a non-binding letter of intent to be acquired by US-based energy technology company Correlate Infrastructure Partners. The agreement aims to expand Correlate’s market share in the US North-East renewables market. Aegis is based in Vermont and provides engineering, procurement, and construction (EPC) services for solar assets in the eastern US.
The proposed acquisition will allow Correlate to enter Vermont’s markets and capitalise on the growing North-East renewable energy market. It is anticipated to be completed in the fourth quarter of 2022. Once completed, the transaction will allow Correlate to make use of Aegis’ regulatory knowledge, project fulfilment and operations and maintenance (O&M) capabilities.
Based in Louisiana, Correlate offers a full range of clean energy solutions for companies across North America. The company specialises in locally situated solar, energy storage, infrastructure for electric vehicles, and clever efficiency techniques.
REGlobal’s Views: This acquisition will give Correlate immediate entry into the rapidly growing renewable energy market in US North-East. Many states like Vermont, Maine, New York, Maryland, Massachusetts, and New Jersey have indicated ambitious plans to expand renewable power.