DTE Energy to sell “green bonds” to fund green energy investments
Written by Dave Kovaleski, dailyenergyinsider.com, May 3, 2018
DTE Electric is offering $525 million in “green bonds,” which are bonds to finance environmentally-friendly energy investments, like low-carbon, renewable, and energy efficient projects.
Detroit-based DTE is the fifth energy company in the nation to sell green bonds. They will have a maturity of 30 years at an annual fixed coupon of 4.05 percent.
“Green bonds will help finance our low-carbon investments, which will enable us to continue moving Michigan toward a cleaner, more sustainable energy future,” Gerry Anderson, chairman and CEO of DTE Energy, said. “This is a tangible way for investors to demonstrate their commitment to the environment and is one of many steps in our aggressive plan to reduce carbon emissions by more than 80 percent by 2050. We’re proud to be among the first energy companies to offer this green investment option.”
The bonds are designed to fund the development and construction of solar arrays and wind farms, including the transmission infrastructure to support renewable energy facilities. They will also be used to strengthen energy efficiency programs to help businesses and residents save energy and money.
“A fundamental transformation in the way we produce power in Michigan has already begun,” Anderson said. “As DTE moves toward cleaner energy sources, we are focused on maintaining reliability and keeping energy affordable for our customers.”
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