Pennsylvania Treasury Investments In Clean Energy Fueled By Rockefeller Foundation Grant

Unprecedented funding to help Pennsylvania's Treasurer expand secondary market for energy-efficient investments

HARRISBURG, Pa., July 13 /PRNewswire-USNewswire/ -- Treasurer Rob McCord today announced that his administration received a $441,000 grant from The Rockefeller Foundation to help expand innovative Treasury investments that generate market returns for the Commonwealth while reducing energy costs, lowering greenhouse gas emissions, and creating jobs in Pennsylvania.

"As State Treasurer, I want Pennsylvania to win the race for clean energy," Treasurer McCord said.  "This Rockefeller Foundation grant allows Treasury to continue its work investing in innovative financing vehicles that fund energy-efficiency across the Commonwealth.  

"We are getting a triple winner – the state earns a valuable return, Pennsylvanians rein in their energy expenses, and we help cut carbon and energy consumption!"

Treasurer McCord says that he will use one half of the grant to facilitate recapitalization of Treasury's Keystone Home Energy Loan Program (HELP) portfolio by supporting a secondary market sale of the loans.  Keystone HELP provides low-interest loans to homeowners for energy conservation improvements.  Selling the current portfolio to private investors will allow Treasury to invest in additional loans.

"Treasury's Keystone HELP program allows families to afford to make improvements they need to save money, reduce carbon use, and lessen our dependence on dangerous foreign oil.  Most importantly, HELP creates good-paying, much-needed jobs for local installers, contractors, and manufacturers," Treasurer McCord said.  "With this support from The Rockefeller Foundation – support that is unprecedented in Treasury's history – we can continue to build this important program that has helped almost 6,500 Pennsylvania homeowners finance over $42 million in money-saving home improvements."

The other half of The Rockefeller Foundation grant announced today by Treasurer McCord will be used to support the creation and implementation of a new investment vehicle – one that enables Treasury and other investors to provide an innovative financing package for Pennsylvania colleges and universities to improve their energy efficiency.  The money from this new program will fund a peer-auditing process that identifies on-campus energy conservation opportunities that can support applications for financing from this new investment vehicle.

"The Rockefeller Foundation is pleased to support the Pennsylvania Treasury as it works to expand the reach of its innovative programs to conserve energy and lower costs for residents, all while simultaneously creating quality jobs when they are needed most," said Rockefeller Foundation President Judith Rodin.  "This grant will help provide the needed funding to allow the Treasury to engage the impact investing community and build upon its existing HELP program, as well as tapping into the power of universities to conserve energy and more importantly educate students for a future in green jobs."

As chief executive of the Pennsylvania Treasury, Treasurer McCord helps invest more than $80 billion in public funds each year.  He is directly responsible for investing funds belonging to nearly all Pennsylvania state agencies.  McCord has broad authority to make appropriate investments in a wide range of financial instruments, including equity and fixed income securities, to protect and grow the assets of the Commonwealth.  

The Rockefeller Foundation fosters innovative solutions to many of the world's most pressing challenges, affirming its mission, since 1913, to "promote the well-being" of humanity. Today, the Foundation works to ensure that more people can tap into the benefits of globalization while strengthening resilience to its risks. Foundation initiatives include efforts to mobilize an agricultural revolution in Sub-Saharan Africa, bolster economic security for American workers, inform equitable, sustainable transportation policies in the United States, ensure access to affordable and high-quality health systems in developing countries, accelerate the impact investing industry's evolution, and develop strategies and services that help vulnerable communities cope with the impacts of climate change.  For more information, please visit www.rockefellerfoundation.org.

Pennsylvania Treasurer Rob McCord is committed to increasing the economic security and prosperity of all Pennsylvanians.  Before winning the statewide elected job of State Treasurer, McCord was a successful and respected business leader.  He is now focused on strengthening the state's economy, managing investments to get strong returns for taxpayers, and helping to create good jobs and retirement security for Pennsylvanians.  To learn more about Treasurer McCord's initiatives, please visit the Pennsylvania Treasury at www.patreasury.org.

SOURCE Pennsylvania Treasury Department