US-based energy technology firm Correlate Infrastructure Partners has signed a non-binding letter of intent to acquire solar energy company Aegis Renewable Energy.

The deal is intended to expand Correlate’s presence in the renewables market of the US’ North-East region.

Based in Vermont, California, Aegis develops solar projects and offers 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 expected to close in the fourth quarter of this year.

Once completed, the transaction will allow Correlate to make use of Aegis’ regulatory knowledge, project fulfilment and operations and maintenance (O&M) capabilities.

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Correlate Infrastructure Partners president and CEO Todd Michaels said: “Upon completion of this key acquisition, Correlate will add to its highly experienced team and will bring proven success to the North-East market as a leading renewable energy project developer while creating a compelling fit for expanding Correlate’s energy optimisation platform.”

Correlate said the deal will support its aim to become a leading provider of clean energy and grid optimisation services across all of North America.

It will also conclude Aegis’s year-long search for a parent company.

Aegis CEO Nils Behn said: “Our search was focused on finding the best strategic fit to match our growth, culture, diversification and strength of leadership goals.

“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.”

Based in Louisiana, Correlate offers a full range of clean energy solutions for companies across North America.

The company specialises in locally sited solar, energy storage, electric vehicle infrastructure and intelligent efficiency measures.