DTE Electric priced its inaugural offering of green bonds yesterday. The $525 million in bonds will finance "green" investments, including low-carbon projects like renewable energy and energy efficiency. DTE is the fifth investment-grade energy company in the nation – and the first company in Michigan – to sell green bonds.
"Green bonds will help finance our low-carbon investments, which will enable us to continue moving Michigan toward a cleaner, more sustainable energy future," said Gerry Anderson, chairman and CEO of DTE Energy. "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."
With a maturity of 30 years at an annual fixed coupon of 4.05 percent, a DTE Electric green bond helps:
"A fundamental transformation in the way we produce power in Michigan has already begun," Anderson added. "As DTE moves toward cleaner energy sources, we are focused on maintaining reliability and keeping energy affordable for our customers."
Source: DTE Energy
Date: May 1, 2018