DTE issues $650M in bonds for green investments
Building on the prior offering that made it the first company in Michigan to sell green bonds, DTE Electric has issued another $650 million in bonds to finance green investments like renewable energy and energy efficiency projects.
These bonds will be offered with a 30-year maturity and an annual fixed coupon of 3.95 percent. In aiming to drastically reduce carbon reduction, they will go to fund development and construction of solar and wind farms and strengthen energy efficiency programs.
“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.”
The plan has been underway since May of last year, when DTE became one of only five investment-grade energy company to sell such bonds.
