One half of the grant will be used by Pennsylvania Treasury to recapitalize its Keystone Home Energy Loan Program (HELP) portfolio through a secondary market sale of the loans.
Selling current portfolio of Keystone HELP, which provides low-interest loans to homeowners for energy conservation improvements, will allow Treasury to invest in additional loans.
Treasury plans to use the other half of the grant to create a new investment vehicle that will provide financing package to Pennsylvania colleges and universities to improve their energy efficiency. The new program will also fund a peer-auditing process to help the institutions identify on-campus energy conservation opportunities and apply for financing from this new investment vehicle.
Rob McCord, treasurer of Pennsylvania Treasury, said: “As State Treasurer, I want Pennsylvania to win the race for clean energy. This Rockefeller Foundation grant allows Treasury to continue its work investing in innovative financing vehicles that fund energy-efficiency across the Commonwealth.”
