Detroit Renewable Energy completes major financing
Detroit Renewable Energy (DRE) has completed $55 million (€41 million) in long-term financing to support the company's expanding investment in the environmental, renewable energy and economic development infrastructure of Greater Detroit.
The financing consists of tax-exempt Limited Obligation Revenue Bonds with maturities extending to 2030. The bonds were issued by the Michigan Strategic Fund and are guaranteed by DRE assets and future revenues.
DRE owns four businesses – Detroit Thermal, Detroit Renewable Power, Detroit Renewable Cooling and Hamtramck Energy Services. DRE has invested over $60 million since 2010 to acquire these businesses and for capital improvements to its network of facilities, expand services to new businesses and industries, and find ongoing operations.
Describing this financing as a 'milestone', Steven White, DRE chairman, says: 'This brings substantial new resources to the long-term energy security, environmental health and economic sustainability of Greater Detroit. With the ongoing commitment of local industry, this is the type of effort that will help accelerate the resurgence of this city.'
DRE is part of Atlas Holdings, an industrial holding company with operations worldwide.