DTE Energy breaks ground on three new solar parks, all funded by company’s MIGreenPower program

Rhea-AI Summary

DTE Energy (NYSE:DTE) has initiated construction on three new solar parks in Michigan, funded by the MIGreenPower program. The Fish Creek and Mission Road solar parks in mid-Michigan, and Little Trout Solar Park in northern Michigan, are part of a broader effort to expand DTE's renewable energy portfolio. These projects, alongside three additional solar parks under construction, will add 800 megawatts of renewable energy, enough to power over 220,000 homes. This is part of DTE's goal to achieve net zero carbon emissions and meet Michigan's renewable energy standard of 60% by 2035. Vice President Joe Musallam highlighted the company's commitment to sustainability and future renewable energy developments. DTE currently powers over 750,000 homes with renewable energy, aiming for 5.5 million homes by 2042. The MIGreenPower program, supported by nearly 100,000 residential and 1,900 business customers, is important for this transition. DTE's renewable energy investments have also created 20,000 local jobs since 2009 and generated significant tax revenue for Michigan communities.

Positive

• Initiation of three new solar parks in Michigan.
• Addition of 800 megawatts of renewable energy.
• Enough energy to power over 220,000 homes.
• Support from nearly 100,000 residential and 1,900 business customers.
• Creation of 20,000 local jobs since 2009.
• Significant tax revenue generated for Michigan communities.

Negative

• None.

Insights

Energy Industry Analyst

DTE Energy's groundbreaking of three new solar parks, funded by the MIGreenPower program, marks a significant step towards Michigan's ambitious 60% renewable energy standard by 2035. This expansion adds 800 megawatts to DTE's renewable portfolio, capable of powering over 220,000 homes. The company's plan to power 5.5 million homes with renewable energy by 2042 demonstrates a strong commitment to clean energy transition. The MIGreenPower program's success, with nearly 100,000 residential and 1,900 business customers, indicates robust market demand for renewable energy solutions. This initiative not only advances DTE's sustainability goals but also stimulates local economies, having created an estimated 20,000 jobs since 2009 and providing substantial tax revenues to host communities. While positive for DTE's long-term strategy, the immediate financial impact may be , as these projects are customer-funded and part of a gradual transition.

Environmental Policy Expert

DTE Energy's solar park expansion aligns with Michigan's progressive environmental policies, particularly the new 60% renewable energy standard by 2035. This ambitious target places Michigan among the leading states in renewable energy adoption. The MIGreenPower program exemplifies an innovative approach to accelerating clean energy transition through voluntary customer participation. This model could serve as a blueprint for other utilities nationwide. The program's success in attracting both residential and business customers, including major corporations like DENSO, demonstrates the growing recognition of renewable energy's importance in corporate sustainability strategies. The initiative's dual impact on reducing carbon emissions and stimulating local economies through job creation and tax revenue generation showcases the potential for environmental policies to drive economic growth. However, the long-term success will depend on continued customer engagement and the ability to scale renewable infrastructure efficiently.

Detroit, Sept. 26, 2024 (GLOBE NEWSWIRE) -- DTE Energy (NYSE:DTE), Michigan’s largest producer of and investor in renewable energy, today announced that it has broken ground on three new solar parks in the last four months, in response to growing customer support for clean, renewable energy. The Fish Creek and Mission Road solar parks, located in mid-Michigan, and the Little Trout Solar Park, located in northern Michigan, are all funded by customers who voluntarily enrolled in DTE’s CleanVision MIGreenPower program.

In addition to the three solar parks referenced above, three other solar parks funded through MIGreenPower are currently under construction. Together, all six developments will add 800 megawatts to DTE’s renewable energy portfolio, enough to power more than 220,000 homes. These solar developments are yet another step toward the company’s goal of achieving net zero carbon emissions and reaching Michigan’s new renewable energy standard of 60% by 2035.

“It’s an exciting time for DTE’s clean energy journey as we continue to make industry-leading advancements in our renewable energy portfolio and overall sustainability goals,” said Joe Musallam, vice president, renewable energy development, DTE Energy. “We’ll continue to build on this momentum with additional renewable energy developments in the coming years, so we not only meet Michigan’s aggressive renewable energy standard but also deliver on our commitment to a cleaner future for our customers, our communities and our state.”

DTE already generates enough clean energy from wind and solar to power more than 750,000 homes and plans to power approximately 5.5 million homes with renewable energy by 2042. MIGreenPower is helping accelerate this clean energy transition, as DTE plans to add more than 2,400 megawatts of new wind and solar energy to support enrolled customers in the coming years. This demand for clean energy comes from nearly 100,000 residential and 1,900 business customers who are using MIGreenPower to reduce their environmental impact and meet key sustainability goals.

“We recently enrolled in MIGreenPower to help meet our goal of achieving carbon neutrality by 2035,” said Denise Carlson, vice president of DENSO’s North America Production Innovation Center and leader of the Sustainability Promotion Department. “We’re proud that our participation not only makes operations cleaner at our enrolled facilities, but also supports future wind and solar park developments, enhancing clean energy access across Michigan.”

DTE’s investment in renewable energy is delivering cleaner energy to customers while strengthening Michigan’s economy. Since 2009, the company’s renewable energy developments have created an estimated 20,000 local jobs. Additionally, communities that host DTE’s wind and solar parks receive millions of dollars in added tax revenue over years of operation, funding used for roads, schools, first responders and other vital community services. DTE is proud to play a role in helping Michigan communities thrive as the company works to create a more sustainable future for all.

About DTE Energy
DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric company serving 2.3 million customers in Southeast Michigan and a natural gas company serving 1.3 million customers across Michigan. The DTE portfolio also includes energy businesses focused on custom energy solutions, renewable energy generation, and energy marketing and trading. DTE has continued to accelerate its carbon reduction goals to meet aggressive targets and is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy, emission reductions and economic progress. Information about DTE is available at dteenergy.com, empoweringmichigan.com, x.com/dte_energy and facebook.com/dteenergy.

FAQ

What new solar parks has DTE Energy started constructing?

DTE Energy has begun constructing the Fish Creek, Mission Road, and Little Trout solar parks in Michigan.

How much renewable energy will the new solar parks add to DTE's portfolio?

The new solar parks will add 800 megawatts of renewable energy to DTE's portfolio.

How many homes will the new solar parks power?

The new solar parks will provide enough energy to power over 220,000 homes.

What is DTE Energy’s renewable energy goal for 2035?

DTE Energy aims to achieve net zero carbon emissions and meet Michigan's renewable energy standard of 60% by 2035.

How many customers are enrolled in DTE’s MIGreenPower program?

Nearly 100,000 residential and 1,900 business customers are enrolled in the MIGreenPower program.