Apex’s Coldwater Solar Secures Power Purchase Agreement, Advancing Michigan Clean Energy

Charlottesville, VA – September 3, 2024 – Apex Clean Energy today announced a power purchase agreement (PPA) with a large Michigan-based energy company for the full capacity of Coldwater Solar, located in Coldwater and Ovid Townships in Branch County, Michigan. This is Apex’s second transaction with the company.

“Coldwater Solar represents the successful realization of Michigan’s efforts to harness the economic and environmental advantages of the energy transition, benefiting host communities and customers alike,” said Ken Young, Apex CEO. “As growth in the Great Lakes State accelerates—including a rebound in American manufacturing—the demand for affordable clean power is poised to surge in the coming years. The state of Michigan is leading the nation by cultivating a welcoming business environment that not only attracts these investments, but also delivers tangible benefits to local communities and consumers.”

The project is one of the first in the state to utilize a new, bipartisan payment in lieu of taxes (PILT) program that guarantees consistent new revenue for host communities. Additionally, the participating townships will apply for the Renewable Ready Communities Award, a program created through Governor Gretchen Whitmer’s executive budget that enhances the community benefits of renewable energy projects for the communities that host them.

Coldwater Solar will generate over $30 million in new tax revenue to benefit local schools, township governments, and county services; more than $35 million to landowners and community participants; approximately $150,000 for nearby environmental conservation efforts; and more than 200 jobs during construction. The project will also fund around $20 million in upgrades to the local transmission system, improving the reliability of Michigan’s electrical grid.