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Correlate Energy Announces Major Microgrid Deal with Leading Oil and Gas Company in California
Correlate Energy Announces Major Microgrid Deal with Leading Oil and Gas Company in California.
About this update from Correlate Energy Corp.
[{"type":"text","content":"\n BOISE, Idaho, Sept. 27, 2023 (GLOBE NEWSWIRE) -- Correlate Energy Corp. (OTCQB: CIPI) (“Correlate” or the “Company”), a growth-oriented distributed energy company, is excited to announce a significant microgrid project outside of the Los Angeles metro area. The project will be developed for a customer representing one of California's largest privately-owned oil and gas corporations with an immense energy demand. The client’s operation has a 100MW load spread across multiple locations that seek to reach net zero. This is equivalent to the electricity consumption of approximately 75,000 households. Upon successfully completing underwriting and final permitting, Correlate Energy is forecasted to deploy up to 40MW of solar and storage capacity across twenty sites with an initial phase projected to exceed $23 million. In addition to lower energy costs, the on-site microgrids will lower emissions for the customer's oil and gas operations, which helps them comply with the California AB 32 Cap and Trade requirements. The client can also benefit from added low-carbon fuel standard credits (LCFS) for the associated projects. The microgrids will provide the client with significantly cheaper, fixed-priced power while bolstering resilience to grid outages. Correlate Energy’s targeted entry into the oil & gas segment serves as a blueprint for collaboration with other companies in California and beyond, demonstrating the potential for industries to work together for both an environmental impact and a defined economic opportunity. \"This Microgrid portfolio is a long-awaited milestone that we expect to be the first of many for 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,” said Todd Michaels, the CEO of Correlate Energy. \"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 share recent exciting developments with our share...