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BOISE, Idaho, May 15, 2024 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTCQB: CIPI) (“Correlate” or the “Company”) announces a shared projects pipeline initiative with Energetic Capital aimed at delivering renewable and distributed energy resources into underserved communities. Correlate Energy and Energetic Capital combine forces to leverage Energetic Capital's innovative financing structure coupled with Correlate Energy's proficiency in renewable energy project development. This strategic partnership ensures efficient access to initiatives like the EPA Greenhouse Gas Reduction Fund (“GGRF”), enabling the seamless execution of renewable energy projects in underserved communities. Over the past several years, strides in renewable energy have proven cost-effective for households, businesses, and utilities alike. However, these renewable energy benefits have often eluded low-income communities, with access predominantly concentrated in higher-income areas.
Disadvantaged communities often struggle with energy access and higher costs. Two recent federal announcements from the EPA GGRF highlight the need for more initiatives to bring greater volumes of renewable energy to these affected areas. The GGRF’s $7 billion dollar Solar for All grant aims to benefit over 900,000 lower-income households, saving $350 million annually. The GGRF’s $14 billion National Clean Investment Fund grant will fund the formation of national clean financing institutions to deploy capital with a focus on benefiting those low-income communities historically left out of the green transition.
These groundbreaking grants unlock a significant market that has been traditionally challenging to finance. Further, the impact of the funds will be multiplied with a non-profit insurance company called GreenieRE. Once GreenieRE is capitalized and licensed, it will focus on alleviating bottleneck risks holding back decarbonization infrastructure. Insurance is a key gap filler and will lead to transformative change by multiplying the impact of the grant proceeds.
Correlate Energy’s expertise in identifying, developing, and financing renewable projects, coupled with this EPA program, forms a powerful combination. “We continually see numerous barriers to deploying renewable energy in cities and towns where most people live and work. We’re working with Energetic Capital to change that,” said Todd Michaels, CEO of Correlate Energy Corp.
“Our mission is to make sure distributed energy is fairly distributed,” said Jeff McAulay, CEO of Energetic Capital. “Correlate is one of the industry leaders in delivering distributed energy solutions to the C&I sector. With the addition of GGRF funding, these projects become even more possible through the creation of GreenieRE to take on risks that limit project investments.”