- The federal government’s Inflation Reduction Act of 2022 continues finding ways to fund green energy infrastructure improvements, including its recent announcement of $7 billion in Solar for All awards through the Environmental Protection Agency (“EPA”)
- Distributed energy solutions developer Correlate Energy Corp. is strategically working with partners to help clients facilitate green energy transition and improvements
- Correlate recently announced it is partnering with Energetic Capital to help make federal funding for distributed energy projects more accessible to low-income and traditionally underserved communities — entering a largely untapped market
- Energetic Capital is a stakeholder in GreenieRE, a non-profit insurance company with access to EPA Solar for All funds through another stakeholder awarded nearly $125 million for projects in North and South Dakota
Distributed energy solutions company Correlate Energy (OTCQB: CIPI) is expanding its renewable energy adoption services into a significant untapped market, thanks to a new corporate partnership, a new federal funding program benefitting low-income communities, and a non-profit insurance company designed to alleviate risks that may stymie decarbonization infrastructure’s effectiveness.
The linchpin of this coalition effort to deliver solar energy to underserved markets is funding made available to a select group of applicants under the landmark Inflation Reduction Act’s federal legislation, which aims to improve the nation’s existing electrical infrastructure by partnering with incentivized private industry to make the infrastructure capable of meeting the surging demand for renewable energy (https://nnw.fm/Wwu82).
The Inflation Reduction Act created the U.S. Environmental Protection Agency’s $27 billion Greenhouse Gas Reduction Fund (“GGRF”), which has devoted $7 billion to the EPA’s Solar for All grant competition for delivering residential solar improvements to over 900,000 households nationwide (https://nnw.fm/BU6VH).
Solar for All announced 60 award recipients last month who will share the funding in a variety of initiatives benefitting new and existing low-income solar programs in states, territories and tribal governments across the country, with the aim of reducing air pollution, delivering cost savings on electric bills for overburdened households, and unlocking new markets for distributed solar in 25 states and territories that have never had a statewide low-income solar program before (https://nnw.fm/sb3rP).
One of the 60 GGRF fund recipients is the Coalition for Green Capital, which is working to deploy solar products across communities designated as low-income and disadvantaged in North and South Dakota. The Coalition for Green Capital is a partnering stakeholder in GreenieRE, a new non-profit insurance company devoted to “alleviating risks holding back decarbonization infrastructure by leveraging commercial financial products,” which will be capitalized by the GGRF funds (https://nnw.fm/sM2sK).
Correlate Energy’s new shared projects pipeline partnership is with another GreenieRE stakeholder — Energetic Capital — and Correlate aims to build on its initiative with Energetic Capital to advance renewable energy projects in underserved communities by combining Energetic Capital’s innovative financing structure with Correlate’s proficiency in renewable energy project development, according to the company’s announcement of the partnership May 15 (https://nnw.fm/ngCAI).
Underserved, low-income communities have traditionally been challenging to help finance pollution-reducing distributed energy projects, but potential access to GGRF programs such as Solar for All and the National Clean Investment Fund grant will help “communities historically left out of the green transition” get necessary capital, Correlate notes.
Correlate anticipates working with the EPA’s GGRF to overcome barriers to deploying renewable energy in such communities.
“Our mission is to make sure distributed energy is fairly distributed,” Energetic Capital CEO Jeff McAulay added in the news release. “Correlate is one of the industry leaders in delivering distributed energy solutions to the C&I (commercial and industrial) 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.”
Correlate recently defined its terms for a planned initial public offering (“IPO”) of $7 million that it plans to use to fund uplisting to the New York Stock Exchange.
For more information, visit the company’s website at www.Correlate.Energy.
NOTE TO INVESTORS: The latest news and updates relating to CIPI are available in the company’s newsroom at https://nnw.fm/CIPI
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