BOISE, Idaho, July 05, 2023 (GLOBE NEWSWIRE) -- Correlate Infrastructure Partners Inc. (OTCQB: CIPI) is excited to announce that it has entered into a Joint Venture (JV) agreement with eDGe Renewable Partners, a trusted Financial Manager partnering with renewable energy entrepreneurs to ensure their business is well capitalized, sustainable, and ready for exponential growth. eDGe brings a wealth of expertise to the table, with a decade of experience and an impressive portfolio of 30+ clients. The JV, referred to as "Distributed Energy Capital," will be a 50/50 partnership with initial financing targets up to $100M, and it will focus on the development of solar energy projects dedicated to distributed energy initiatives and microgrids nationwide. Correlate is immensely excited about how this joint venture will effectively address the market gap by establishing a non-dilutive project finance platform, ultimately expediting the growth of various projects.
As the interconnection queue backlog worsens, the need for distributed energy resources for generation, backup power, and resiliency has never been more important and in demand. These projects, whether large or small, can be quite complex, posing significant challenges for local developers. Development capital, alongside engineering resources and disciplined development timelines are critical to engineering, permitting, and managing projects through to completion. This JV was created to provide early-stage development capital and the technical & engineering resources needed by developers of complex microgrids and distributed energy projects.
Correlate’s CEO, Todd Michaels said, "Distributed Energy Capital will play a pivotal role in addressing the pressing need for microgrid and distributed infrastructure development at scale. By providing early-stage development capital, paired with Correlate’s unique technical expertise, our vetted developers can deliver on key milestones while investors can confidently place a greater volume of capital. Currently, the few capital-only offerings in the market for distributed projects are inherently inept for the current opportunity in our view. We know this offering is unique based on strong developer engagements already underway."
eDGe’s CEO, Bahaa Samy said, “We couldn’t be more thrilled about our partnership with Correlate and supporting microgrid developers with both development capital and technical expertise that will help them get their projects to the finish line.”
eDGe is a financial manager for renewable energy entrepreneurs. With its deep financial expertise & disciplined execution it allows developers to access capital to grow and sustain their businesses. Since 2020, eDGe has worked with over 50 developers and EPCs allowing them to access 100s of millions of institutional capital to fund their projects and corporate requirements. www.edgerp.ca
About Correlate Infrastructure Partners Inc.
Correlate Infrastructure Partners Inc. (OTCQB: CIPI) is a publicly-traded company strategically positioned to capitalize on America’s unstoppable trend toward decentralized energy generation. The company employs a three-pronged strategy aimed at creating stockholder value from this multi-trillion-dollar trend. First, Correlate seeks to finance, develop, and profitably sell localized clean energy solutions and microgrids to industrial, commercial, and residential customers. Secondly, Correlate plans to retain ownership of some of these energy systems and thereby realize ongoing, reliable cash flow. Third, Correlate seeks to acquire proven renewable energy companies in order to exponentially grow earnings per share for investors. Correlate’s management and board consist of industry experts who, during their careers, have successfully financed, developed, and installed over two billion dollars of clean energy projects for their clients. To learn more go to: https://www.correlate.energy/investors.
Correlate Infrastructure Partners Inc.
This news release may include forward-looking statements regarding Correlate Infrastructure Partners Inc., its subsidiaries, business and project plans. Such forward-looking statements are within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor created by such sections. Where Correlate Infrastructure Partners Inc. expresses or implies an expectation or belief about future events or results, such expectation or belief is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Correlate Infrastructure Partners Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.