New opportunity for companies to invest in renewable energy launches five solar projects in Michigan

A group of eight companies outside Michigan have pooled their money to invest in five new solar projects in the state.

The concept is a new way to involve more companies in the transition to clean energy. The pooled investments will be managed by a company called Watershed.

Matt Konieczny is head of clean power at Watershed. He said Watershed helps companies looking to reduce their carbon footprint find nearly shovel-ready renewable projects that require outside investment in the form of guaranteed revenue to get off the ground.

“(These are) projects that are not really economically viable,” Konieczny said, “and we have helped our customers support these projects, feed new clean electricity into the grid and enable them to reduce their corporate emissions.”

Konieczny said Watershed sees great potential in the concept to maximize corporate participation in the energy transition – not just in U.S. states like Michigan that have ambitious clean energy plans, but globally. Some of Watershed’s clients have invested in a solar project in India, he said, adding that he hopes the company’s work will help mitigate some of the “doom and gloom” surrounding climate.

“We believe this represents a real opportunity for companies to drive the transition to renewable energy and the decarbonization of our economy,” said Konieczny.

The five projects will add about 100 MW of solar energy to Michigan’s power grid, enough to power about 16,000 homes. The solar projects are located in Oscoda, Calhoun, Jackson, Kent and Gladwin counties.