Energy co. Detroit Thermal transfers ownership

Sarah Rahal
The Detroit News

Ownership of an energy company serving about 85 commercial and industrial customers in downtown Detroit has been transferred.

Detroit Thermal's service area.

The Michigan Public Service Commission approved a transfer of energy ownership from Detroit Thermal to Project Mist Holdco, according to a statement from the Michigan Public Service Commission. 

Detroit Thermal generates steam used for heating and cooling commercial offices, medical facilities, schools, manufacturing sites, governmental buildings, Cobo Center and hotels. 

Project Mist HoldCo, a New York-based company, is also in the process of buying Detroit Renewable Energy, the parent company of Detroit Thermal, Detroit Renewable Power, Detroit Renewable Cooling, and Hamtramck Energy Services.

Under the settlement agreement, Detroit Thermal’s headquarters is expected to stay in Detroit and "none of the 260 employees of Detroit Thermal or Detroit Renewable Energy is expected to lose their jobs," according to the statement. 

The transaction also is not expected to change rates paid by customers or affect current contracts.

Project Mist Holdco's owners include Basalt Infrastructure Partners, which also owns Upper Peninsula Power Co.