JACKSON, Mich., June 6, 2018 /PRNewswire/ -- CMS Energy and its primary subsidiary, Consumers Energy (collectively "CMS"), announced they have entered the first syndicated sustainability-linked revolving credit facilities for a U.S. borrower.
The aggregate $1.4 billion of new credit facilities allow CMS to reduce its interest rate by meeting targets related to environmental sustainability, specifically renewable energy generation.
"We believe a company can serve more than the bottom line. We are committed to a triple bottom line that's measured by our actions to support people, planet and prosperity," said Patti Poppe, CMS Energy's president and chief executive officer. "We are excited to be a trendsetter in the United States entering an innovative credit facility, where sustainability and financial results go hand-in-hand."
CMS Energy this year announced clean energy goals that include:
- Zero coal used to generate electricity by 2040.
- Reducing carbon emissions by 80 percent by 2040.
- Meeting a renewable energy goal of more than 40 percent by 2040.
"Our company has a proud history of leaving it better than we found it, and we are confident that our new clean energy goals will support our commitment to deliver consistent, industry-leading financial performance," Poppe said.
Barclays, J.P. Morgan, MUFG, Mizuho and BofA Merrill Lynch acted as Joint Lead Arrangers for the facilities. Barclays acted as Sustainability Structuring Agent.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
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SOURCE CMS Energy