To join the fight against climate change and help provide viable energy solutions, Charles Carey founded CIG Renewables in 2016, as part of the CIG group of companies.
It was his way of committing to creating a more sustainable future. Today, CIG Renewables has a portfolio of 2.5 gigawatts of renewable energy—operational and underway—but Carey aims to double that by 2027 and has even begun experimenting with hydrogen production.
The vision for CIG Renewables is to leverage innovative technologies and strategic partnerships to develop large-scale renewable energy projects that would make a significant impact on reducing carbon emissions. CIG and its companies’ project funding development group have designed a model that helps them ensure 100 percent financing. We discuss this and more in the interview below.
CPE: You set the goal of achieving 5 gigawatts of power by 2027. How far along are you?
Charles Carey: Our current portfolio includes a combination of solar and wind projects in various development and construction stages. We have already secured funding and permits for several major projects and have reached a milestone of 2 gigawatts in operational and under construction capacity. We are confident that with our ongoing projects and strategic expansions, we will meet or even surpass our target.
CPE: Where do you intend to expand to? Five of your solar projects under construction are in Texas and South and North Dakota.
Charles Carey: Our five solar projects in Texas and South and North Dakota are a key part of our strategy to harness the abundant solar resources in these regions. Each project is designed to maximize efficiency and output, utilizing the latest in solar technology and energy storage solutions.
We are indeed planning to expand to other states, with a particular focus on states with high solar irradiance and supportive regulatory environments. States like Arizona, Nevada and California are on our radar due to their favorable climate conditions and progressive energy policies, which make them ideal locations for solar expansion.
CPE: What are currently the main challenges of the solar production industry and how do you work on overcoming them?
Charles Carey: The main challenges in the solar production industry include regulatory hurdles, land acquisition and grid integration. To overcome these challenges, we work closely with local governments and communities to navigate regulatory processes and secure necessary permits. We also employ a strategic approach to land acquisition, ensuring we select sites that minimize environmental impact and maximize efficiency. For grid integration, we invest in advanced energy storage solutions and smart grid technologies to ensure that our solar power can be reliably delivered to the grid.
CPE: Tell us about CIG Renewables’ hydrogen production projects.
Charles Carey: CIG Renewables is actively exploring hydrogen production as a complementary energy solution. We have several pilot projects underway that focus on producing green hydrogen using renewable energy sources. These projects aim to demonstrate the feasibility and scalability of hydrogen as a clean energy carrier. Our goal is to develop integrated systems where solar and wind power are used to produce hydrogen, which can then be stored and used as a flexible energy source.
CPE: What are the key considerations for selecting locations for hydrogen production facilities? How do these facilities impact property values in the surrounding areas?
Charles Carey: When selecting locations for hydrogen production facilities, we consider factors such as proximity to renewable energy sources, availability of water resources and access to infrastructure for storage and distribution. It’s crucial to choose sites that minimize environmental impact and align with local economic development goals.
Regarding property values, our facilities are designed to have minimal negative impact on surrounding areas. In fact, they often lead to increased property values by bringing jobs, infrastructure improvements and increased economic activity to the region.
CPE: What role does government policy play in the development of hydrogen production projects?
Charles Carey: Government policy plays a crucial role in the development of hydrogen production projects. Incentives such as tax credits, grants and subsidies can significantly reduce the financial barriers to entry for hydrogen projects. Regulations that support clean energy development and set clear guidelines for hydrogen production and use are essential for creating a stable investment environment. Additionally, government support in the form of research and development funding and public-private partnerships can accelerate technological advancements and market adoption.
CPE: Are real estate developers integrating hydrogen production into their developments?
Charles Carey: Real estate developers are beginning to see the potential of integrating hydrogen production into mixed-use developments to enhance sustainability and energy independence. This integration can be achieved through the inclusion of onsite hydrogen production facilities that utilize renewable energy sources, providing clean energy for residential, commercial and industrial uses within the development. This approach not only reduces the carbon footprint of the development but also enhances its attractiveness to environmentally conscious buyers and tenants.
CPE: What are the safety considerations for using hydrogen in real estate?
Charles Carey: Safety is a paramount consideration when using hydrogen in real estate. Hydrogen is highly flammable, so it’s essential to have robust safety measures in place. These include proper storage and handling protocols, advanced leak detection systems and fire suppression systems. Additionally, facilities must be designed to ensure proper ventilation and separation from other structures to minimize the risk of fire or explosion. Training and awareness programs for residents and workers are also critical to ensure the safe usage and handling of hydrogen.
Source: Commercial Property Executive