In a groundbreaking development, Correlate Energy Corp. (OTCQB: CIPI), a forward-looking distributed energy company, has announced a significant microgrid initiative set to transform the energy landscape outside the Los Angeles metro area. This project is being undertaken for one of California’s foremost privately-owned oil and gas corporations, renowned for its substantial energy requirements. With an energy demand equivalent to that of approximately 75,000 households, the client’s operations encompass a staggering 100MW load across multiple locations, all with the goal of achieving net-zero emissions.
Pending successful underwriting and final permitting, Correlate Energy is poised to roll out an impressive 40MW solar and storage capacity across twenty distinct sites, with an initial investment projection exceeding $23 million. Beyond the prospect of reduced energy expenditure, these on-site microgrids will substantially decrease emissions stemming from the client’s oil and gas activities, enabling them to meet the stringent requirements of California’s AB 32 Cap and Trade legislation. Additionally, the client stands to benefit from low-carbon fuel standard credits (LCFS) associated with these projects. These microgrids will not only furnish the client with considerably cheaper, fixed-rate power but also fortify their resilience against grid outages. Correlate Energy’s strategic foray into the oil and gas sector stands as a blueprint for future collaborations with other enterprises within California and beyond, underscoring the potential for industries to unite for both environmental advancement and economic growth.
“This Microgrid portfolio is a long-awaited milestone that we expect to be the first of many for Todd Michaels, the CEO of Correlate Energy, expressed his enthusiasm for this landmark project, stating, our company. Having built up our team over the past year to fulfill such a project, we are extremely pleased to be in a position to complete our first Microgrid project and achieve this stated 2023 goal, which we communicated to our shareholders and financiers. This project not only marks our material entry into the oil and gas sector but also doubles our largest contract size to date. We look forward to delivering our unique expertise and integrated technology solution to support our customers’ diverse needs while helping them meet their business and compliance goals.”
To disseminate the latest exciting developments with their shareholders, Correlate Energy will be hosting a live investor summit webcast. Prominent figures, including CEO Todd Michaels and industry luminary Bill Shevlin, who recently joined Correlate Energy’s team, will be featured speakers. The investor summit webcast is scheduled for October 5th, 2023, at 2 p.m. EDT.
