Drinker Biddle will partner with the Pennsylvania Treasury, the Foundation for Renewable Energy and Environment, and the West Penn Power Sustainable Energy Fund to assist municipalities, universities, schools and hospitals with reducing energy consumption.
The Sustainable Energy Bond Program in Pennsylvania 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.
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, bonds 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 bonds.
Drinker Biddle will act as legal advisor to the program, assisting potential customers and helping to structure the financing. Philadelphia partner Baird Brown said that the program “has the potential to reduce financial strains on governmental bodies and non-profit institutions throughout the state. The savings from reduced energy and water use more than pay for the costs of the conservation measures.”
To read the Pennsylvania Treasury press release, click here.