Detroit Renewable Energy LLC (DRE), which includes a waste-to-energy operation, has completed $55 million in long-term financing to expand its renewable energy effort and strengthen the economic infrastructure of greater Detroit.
DRE said in a news release it will use the new financing to continue improving its facilities, expand services to new businesses and fund ongoing operations. It extends DRE’s commitment to providing safe and cost-effective energy and waste disposal solutions.
DRC said the financing consists of tax-exempt limited obligation revenue bonds with maturities extending to 2030. The Michigan Strategic Fund issued the bonds and DRE guarantees them through assets and future revenues.
DRC is a holding company for four energy businesses, including Detroit Renewable Power LLC, a waste-to-energy facility that processes up to 3,300 tons per day of municipal solid waste into energy. That energy takes the form of electricity sold to Detroit Edison; steam sold to another DRE company, Detroit Thermal; and nearly 40,000 tons per year of recycled metals.
“We are thrilled to announce this financing milestone, which brings substantial new resources to the long-term energy security, environmental health and economic sustainability of greater Detroit,” said DRE Chairman Steven White.