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May 13, 2021

Apex Clean Energy completes sale of Michigan wind projects

Apex Clean Energy has concluded the sale of its Isabella wind projects to DTE Energy.

By Umesh Ellichipuram

Apex Clean Energy has concluded its previously announced sale of the Isabella Wind I and II projects in Michigan to DTE Energy.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The two wind facilities, located in Michigan, have a combined capacity of 383MW.

Both projects are being developed and managed by Apex, with DTE to oversee their operations.

The wind farms are claimed to be the largest clean energy facilities both in Michigan and in DTE’s portfolio.

Clean energy generated by the projects will be supplied to DTE’s commercial and industrial customers, which include Ford, General Motors and the University of Michigan.

These companies have enrolled in DTE’s voluntary renewable energy programme, MIGreenPower.

In July 2019, the Michigan Public Service Commission conditionally approved Apex Clean Energy proposal to sell both the Isabella wind projects to DTE Energy.

Apex Clean Energy president and CEO Mark Goodwin said: “With stakeholders at every level, from localities and utilities to power buyers and the statehouse, helping to drive the transition to clean energy in [Michigan], ourselves and DTE have brought to life the largest wind projects in the state’s history.

“Alongside partners like DTE, we will continue to pioneer the new energy economy in Michigan and beyond.”

KeyBank and CoBank provided construction loans for the Isabella Wind projects.

ACB served as the coordinating lead arranger and Rabobank as joint lead arranger. Sumitomo Mitsui Trust Bank is the lender.

During the construction phase, the facilities are expected to create more than 350 jobs. Once completed, they are expected to provide up to 20 long-term operations and maintenance positions.

The facilities will produce enough green energy to power 86,000 average US homes and displace almost 700,000t of carbon emissions a year, according to the EPA’s AVERT tool.

Over the projects’ lifetime, the facilities will generate tax revenue of almost $30m for the local community and landowner payments of $100m.

Last August, Apex Clean Energy announced the sale of its 500MW White Mesa wind project to an undisclosed buyer.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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