Detroit Renewable Energy completes major financing
Detroit Renewable Energy LLC completed $55 million in long-term financing to support its investment in the environmental, renewable energy and economic development infrastructure in Detroit.
Steven White, CEO of DRE, explained the expanding investment in the company’s district heating and cooling services will provide new industries and businesses with competitive and cost-effective energy incentives for locating in Detroit. He added DRE’s next project aims to invest in upgrading its waste-to-energy facility and steam network to bring the system up-to-date.
A collection of renewable energy and distribution companies, DRE is comprised of Detroit Thermal LLC, Detroit Renewable Power LLC, Hamtramck Energy Services LLC and Detroit Renewable Cooling LLC. Detroit Renewable Power converts roughly 3,300 tons of municipal solid waste each day to generate 720,000 pounds of steam an hour, which is the primary steam source for Detroit Thermal. Hamtramck manages and staffs powerhouses and wastewater treatment facilities, including powerhouses in five General Motors locations. Detroit Renewable Cooling is developing the City of Detroit’s district cooling system.
White said with Detroit’s rich industrial history and its resurging automotive industry, DRE and other bioenergy companies will help renew interest in the city.