This Sustainable Energy Company Just Landed A Deal To Build 40 Megawatts Of Solar Powered Microgrids For One of California’s Largest Privately Owned Oil And Gas Company - Seite 2

These benefits all hold true across the United States, where aging grid infrastructure and intensifying climate change-related natural disasters are causing electricity customers to experience as much as 80 hours of outages per year in some states - all while the cost of that electricity continues to get higher.

In fact, the Department of Energy estimates that by 2030, between 30% and 50% of power generated in the United States will come from distributed microgrids based on the current rate of new installations. This would substantially lower the burden on the nation's aging infrastructure, reduce the number of outage hours and help the country meet its decarbonization and emission reduction goals.

The Oil And Gas Microgrid Deal Marks The Achievement Of A Key 2023 Milestone For Correlate

The microgrid deal recently announced by Correlate Energy puts the country a step closer to reaching the 2030 distributed renewable energy target. It also marks Correlate's official entry into the microgrid market.

The first phase of the project is projected to exceed $23 million and will serve as a blueprint for similar collaborations with other companies in the oil and gas sector. The California Oil and Gas Corporation operates multiple locations with a total load of 100 megawatts and needs to achieve net zero to comply with the state's ambitious climate policy - AB 32 Climate Change Scoping Plan - under which 100% of California's electricity must be zero emission by 2045. The 40 megawatts of solar and storage capacity that Correlate will develop as part of the deal puts the oil and gas corporation well on the way toward achieving that target.

"This Microgrid portfolio is a long-awaited milestone that we expect to be the first of many for our company," said Correlate Energy CEO Todd Michaels in a statement on the news, adding, "This project not only marks our material entry into the oil and gas sector but also doubles our largest contract size to date."

This summer, the distributed energy company announced a joint venture with eDGe Renewable Partners that will finance up to $100 million to develop microgrid projects nationwide.

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SOURCE: Correlate Energy Corp.

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The Correlate Infrastructure Partners Stock at the time of publication of the news with a fall of -9,27 % to 1,860USD on Nasdaq OTC stock exchange (03. November 2023, 01:10 Uhr).