Correlate Infrastructure Partners and eDGe Renewable Partners Launch Joint Venture targeting $100M Initial Capital Deployment to Accelerate Microgrid Development

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."