DETROIT, May 1, 2018 /PRNewswire/ -- 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:
Fund the development and construction of solar arrays and wind farms, including the transmission infrastructure to support renewable energy facilities
Strengthen energy efficiency programs to help Michigan residents and businesses save energy and reduce bills
"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."
About DTE Energy DTE Energy (NYSE:DTE) is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its operating units include an electric utility serving 2.2 million customers in Southeastern Michigan and a natural gas utility serving 1.3 million customers in Michigan. The DTE Energy portfolio includes non-utility energy businesses focused on power and industrial projects, natural gas pipelines, gathering and storage, and energy marketing and trading.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The Company has filed a registration statement (including a prospectus) with the SEC with respect to the securities and the offering referred to in this communication. The offering of such securities may be made only by means of a prospectus supplement and accompanying prospectus. You may get these documents for free by visiting EDGAR on the SEC website at http://www.sec.gov. Alternatively, you may obtain a copy of the prospectus and the prospectus supplement by calling Barclays Capital Inc. toll-free at 1-888-603-5847, BNP Paribas Securities Corp. toll-free at 1-800-854-5674, Merrill Lynch, Pierce, Fenner & Smith Incorporated toll-free at 1-800-294-1322 or TD Securities (USA) LLC toll-free at 1-855-495-9846.