Congratulations to Michael Polsky, founder of Invenergy Wind and featured company champion in How They Did It.
The news just came out: Detroit Energy, the utility subsidiary of DTE Energy Company (DTE) got regulatory approval for a 20-year renewable energy purchase contract. The Michigan Public Service Commission (“MPSC”) gave approval for the company to purchase 200 megawatts (MW) of wind energy from Invenergy Wind.
The project plans to use 125 wind turbines, installed across 30,000 acres, generating enough power to supply nearly 54,000 homes with renewable electricity. Using 1.6MW turbines supplied by GE, the facility is expected to begin operations in late 2011.
When we interviewed Michael for the book, he told me that “if you want to grow, you always stay ahead of your means.” With his level of drive, I surmise that this news is both a conclusion from a big bet and a new chapter for the company. He’s a rare individual in a utility-oriented industry who still owns most of the company and can finance and land a $1.1 billion deal.
Well done Michael.