DTE Electric has issued its second offering of green bonds. The $650 million in bonds will finance green investments, including renewable energy and energy efficiency projects.
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, according to the company.
“As we move forward to replace our coal-fired generating facilities, our focus on renewable generation and reducing carbon emissions are key corporate priorities,” says Gerry Anderson, chairman and CEO of DTE Energy, DTE Electric’s parent. “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%, a DTE Electric green bond with help to 1) fund the development and construction of solar and wind farms, including the transmission infrastructure to support the facilities, and 2) strengthen energy efficiency programs to help Michigan residents and businesses save energy and reduce bills.
DTE Electric serves 2.2 million customers in southeastern Michigan.