DTE Electric issued its second offering of green bonds on Friday, Feb. 15. The $650 million in bonds will finance green investments, including renewable energy and energy efficiency.
In its initial green bond offering in May 2018, DTE became the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds.
“As we move forward to replace our coal-fired generating facilities our focus on renewable generation and reducing carbon emissions are key corporate priorities,” said Gerry Anderson, chairman and CEO of DTE Energy. “We are well on our way to our goal of reducing carbon emissions by more than 80 percent by 2050.”
With a maturity of 30 years and an annual fixed coupon of 3.95 percent, a DTE Electric green bond will help to: fund the development and construction of solar and wind farms, including the transmission infrastructure to support renewable energy facilities; and strengthen energy efficiency programs to help Michigan residents and businesses save energy and reduce bills.
DTE’s carbon reduction plan is among the most aggressive and was one of the first to be announced in the energy industry – committing the company to significantly higher levels of renewable energy generation and energy efficiency programs, while maintaining reliability and affordability for customers.
DTE Energy, DTE Electric’s parent, is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include DTE Electric, an electric company serving 2.2 million customers in Southeastern Michigan and DTE Gas, a natural gas company serving 1.3 million customers in Michigan.
The DTE portfolio includes energy businesses focused on natural gas pipelines, gathering and storage, power and industrial projects, renewable natural gas, and energy marketing and trading.
Source PR Newswire