Carey International Group Announces Acquisition of Texas Assets into its CIG Solar Manufacturing Platform

ORLANDO, FL - Carey International Group ("CIG") announced the acquisition of equipment and facilities related to solar module production, a US-based manufacturer of domestic content solar photovoltaic modules in College Station, Texas. The investment was formed in 2020, from a joint venture with SDC Capital Ventures LLC ("SDC") and other investors. Upon the close of the transaction, the assets will be incorporated into CIG Solar Manufacturing ("CSM"), platform company of CIG Renewables.

Charles Carey, CEO of CIG, said, "Domestically produced Bloomberg Tier 1 rated modules are a perfect fit for CSM and the marketplace. With the passage of the 2022 Inflation Reduction Act, solar development favoring domestic content has never been more relevant and necessary. With production starting in August of 2024, CSM will have the ability to produce 1 GW per year in 2025. We look forward to meeting the enormous demand in a market starved for US-made modules."

Charles Schaffer of SDC stated "CIG's vision, capabilities, and focus on meeting the market for renewable energy products resonated with us and the team that we have built. We look forward to partnering with CIG, with the goal of continuing to produce the best quality made in the USA products and driving sustainable infrastructure investment."

"This acquisition adds a new capability to the CIG Renewables portfolio and enhances CIG's ability to supply the needs of third party and affiliated utility-scale solar developers through our production and distribution facility in College Station, TX," stated Carey.

About Carey International Group

Headquartered in Orlando, FL, Carey International Group (CIG) is a diversified holding company focused on growing North American assets in the energy/renewables, commercial real estate, and financial services sectors. Current portfolio companies include: CIG Companies, CIG Asset Management, CIG Renewables, CIG Capital, and Magnifica. Realized portfolio assets include franchise finance, direct lending, and capital markets intermediary services.

CIG's current pipeline of projects includes more than 3 GW of utility-scale solar projects, a US-based manufacturer of solar modules, and various hospitality and residential projects across North America." For more information, please visit www.cigcap.com [https://www.cigcap.com/].

About CIG Solar Manufacturing

Based out of College Station, TX, CIG Solar Manufacturing (CSM) is a US-based manufacturer and distributer of Bloomberg Tier 1 rated solar photovoltaic modules. CSM is a platform company of CIG Renewables, a subsidiary of the Carey International Group. For more information, please visit http://www.cigsolarmanufacturing.com.

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