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August 13, 2013
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.
News Editor, Waste360
Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.
Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.
Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.
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