DETROIT: DTE Energy’s subsidiary, DTE Electric company, completed its third offering of green bonds on Monday, March 29.
The $1 billion bond offering will finance green, or clean, energy investments, including renewables and energy efficiency programs.
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. With this latest offering, DTE Electric has now issued approximately $2 billion of green bonds.
“DTE’s progress toward our net zero aspiration gains more momentum with every year,” said Jerry Norcia, DTE Energy President and CEO.
“Green bonds help fund that progress as we work to achieve a cleaner, more sustainable energy future.”
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 emission reduction plan is among the most aggressive and was one of the first to be announced in the nation’s energy industry in 2017 – committing the company to significantly higher levels of renewable energy generation and energy efficiency programs, while maintaining reliability and affordability for customers.
DTE Energy (NYSE: DTE), DTE Electric company’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, serving 2.2 million customers in Southeast Michigan and DTE Gas, serving 1.3 million customers in Michigan.
The DTE portfolio includes energy businesses focused on power and industrial projects; renewable natural gas; natural gas pipelines, gathering and storage; and energy marketing and trading.
As an environmental leader, DTE intends to reduce carbon dioxide and methane emissions in its utility operations by more than 80 percent by 2040 from 2005 levels, in an effort to produce cleaner energy while keeping it safe, reliable and affordable.
DTE Electric and DTE Gas aspire to achieve net zero carbon and greenhouse gas emissions by 2050. DTE is committed to serving with its energy through volunteerism, education and employment initiatives, philanthropy and economic progress.