Correlate Infrastructure to Acquire California Solar and Storage Platform.
MANews-(C)2009-2022
Idaho, US-based energy optimisation and clean energy solutions provider Correlate Infrastructure Partners Inc. (OTCQB: CIPI) has entered into a nonbinding letter of intent to acquire a California solar, battery storage and roofing provider, the company said.
Terms of the transaction were not disclosed.
The target company is focussed on sales and self-performance construction of solar and roofing services for residential and commercial properties.
The proposed acquisition is currently anticipated to close in the second half of 2022 and to be accretive to the company, and it marks the next evolution of Correlate as a community-scale distributed energy company.
The target company's unaudited revenues for the years ended December 31, 2021, and December 31, 2020, were USD 175m and USD 12m, respectively.
The company believes this acquisition will create an unmatched platform for community-scale distributed generation, storage and virtual...
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