Correlate Infrastructure Partners, a portfolio-scale development and finance platform, has signed a nonbinding letter of intent to acquire Aegis Renewable Energy, a solar project developer. Upon completion, Correlate’s acquisition of Aegis Renewable Energy will provide the company with strategic abilities to capitalize on the burgeoning Northeast renewable energy market.

The Northeast renewables market is exceptionally robust. For example, Vermont’s state government set goals to meet 90% of its energy needs with renewable sources by 2050.

Todd Michaels, Correlate’s CEO and president, stated, “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.”

“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.”

Electrified powertrain solutions provider, XL Fleet, recently announced the acquisition of Spruce Power, an owner and operator of residential rooftop solar systems in the U.S. XL Fleet completed the acquisition from funds managed by HPS Investment for a total cash consideration of approximately $58 million and the assumption of $542 million of debt.

According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. BBoxx, a designer, manufacturer, distributor, and financer of plug & play solar systems, recently acquired PEG Africa, a distributed energy provider in West Africa. This deal gives Bboxx access to ten new markets, including Senegal, Ivory Coast, Ghana, and Mali.