Correlate eyes purchase of USD-175m US solar-roofing business

Correlate Infrastructure Partners Inc (OTCMKTS:CIPI) has set its sight on an unnamed California-based solar, battery storage and roofing business with 2021 revenues of USD 175 million (EUR 171m).

The company said in a statement on Monday it has entered into a non-binding letter of intent for this potential acquisition which, subject to due diligence and the signing of a definitive deal, is seen to close by the end of the year.

Correlate is a portfolio-scale development and finance platform that offers clean energy solutions for the commercial real estate industry and that aims to create a profitable and truly-scalable distributed energy business in North America.

The targeted business is focused on sales and self-performance construction of solar and roofing services for residential and commercial properties. Through its potential purchase, Correlate expects to gain experienced construction and engineering teams, expertise in regional permitting and interconnection and certain integrated digital technologies, as well as to achieve cost efficiencies. Moreover, if the transaction is executed, it is expected to lead to the aggregation of tens of thousands of existing residential and commercial customer sites and electric vehicles (EVs) into distributed virtual power plants (VPPs).

"In this proposed acquisition, we have a partner that has years of successful execution expertise in multiple jurisdictions, including engineering excellence, distributed generation development, energy assessments and regulatory compliance vital to our next stage of growth,” said Channing Chen, CFO of Correlate.

(USD 1 = EUR 0.977)

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