The Pennsylvania Treasury recently announced the creation of a Sustainable Energy Bond Program, which will provide legal and technical assistance, as well as low-cost capital, for energy improvement projects by municipalities, universities, schools, and hospitals (also known as the MUSH sector).
State Treasurer Rob McCord and Dr. John Byrne, who shares the 2007 Nobel Peace Prize and is chairman and CEO of the Foundation for Renewable Energy and Environment, today announced the creation of a Sustainable Energy Bond Program in Pennsylvania. The program will provide legal and technical assistance, as well as low-cost capital, for energy improvement projects by municipalities, universities, schools and hospitals – the so-called MUSH sector.
“Treasury has built a successful track record of investing in energy efficiency projects that create jobs, save consumers money, and contribute to a healthier environment – even as they generate strong returns at little risk,” said Treasurer McCord. “We’ve done so by working with innovative professionals to design secure investment vehicles that will attract capital and serve unmet needs in the market. This program builds on that work.”
Under the Sustainable Energy Bond Program, participating organizations in the MUSH sector will receive free energy audits from energy service companies, or ESCOs. Once potential projects have been identified and the project sponsors (municipalities, universities, schools or hospitals) decide to proceed, a bond will be issued to finance the improvement work. By aggregating the projects, participants will receive better financing terms. The energy cost savings from the projects will be used to finance the bond.
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