Governor Rendell Says Proven Investment Firm Selected to Manage New Green Energy Revolving Loan Fund
TRF Commits Twice the Federal Match Requirement to Offer $48 Million Fund
HARRISBURG — A well-established financial management firm with a successful track record of investing in green technologies and sustainable forms of energy has been chosen to manage Pennsylvania’s new Green Energy Revolving Loan Fund, according to Governor Edward G. Rendell.
The Reinvestment Fund—known as TRF—will manage the loan program and provide much needed financial capital to support cost-effective, energy conservation and renewable energy projects in existing, non-residential buildings.
The new revolving loan fund is made possible through the American Recovery and Reinvestment Act.
In announcing TRF’s selection, the Governor said the firm’s track record and its pledge to providing double the federally required match for the new program is evidence of its commitment to building a green economy in Pennsylvania.
“President Obama and Congress had the foresight to make renewable energy and energy conservation a key part of the federal Recovery Act because these are areas that are critically important to the nation’s future,” said Governor Rendell. “This new revolving loan fund is the latest opportunity to be born of that wise decision and, under TRF’s management, the program will put hundreds of people to work incorporating green technologies into buildings that ultimately, will save consumers millions of dollars each year.”
The federal Recovery Act will provide $12 million to the state for the Green Energy Revolving Loan Fund, but it required any firm applying to manage to provide a minimum match of $18 million in private funds. TRF committed to investing $36 million, which will allow for a $48 million pool of funds in the loan program.
That level of investment is expected to help support 500 jobs on projects that will reduce energy consumption by nearly 800 billion British Thermal Units of energy, or enough to power more than 23,000 average homes in Pennsylvania for one year.
The new revolving loan fund will supply necessary capital for developing cost effective, energy-saving and renewable energy projects in existing, non-residential buildings throughout Pennsylvania. The projects create and retain jobs, and must cut an entire facility’s energy consumption by at least 25 percent or develop and install technologies on-site that produce electricity from renewable resources.
The Department of Environmental Protection and TRF are finalizing the loan fund’s guidelines. More information, as well as a form for non-residential building owners who may be interested in learning more, is available at www.PaGreenEnergyLoanFund.com.
Single-family dwellings are not eligible for financing under the new Green Energy Loan Fund. Homeowners interested in obtaining low-interest loans to help finance home-energy efficiency projects should seek assistance through the Keystone HELP program by visiting www.keystonehelp.com.
TRF has extensive experience in with the green energy industry and in integrating high-performance energy measures into its community development portfolio. Its Collaborative Lending Initiative, a regional loan consortium comprised of 13 banks, has provided energy efficiency and renewable energy construction financing for numerous affordable housing and charter school projects.
The firm has also provided advice since 1993 to its customers on energy efficiency and the sustainability of their capital improvements and equipment purchases. In the last five years, TRF has focused its expertise on developing clean energy projects and technologies in a way that brings affordable and financially viable options such as solar, wind and quality energy efficiency projects to market.
TRF is also responsible for administering the Sustainable Development Fund, a $32 million energy fund created by the Pennsylvania Public Utility Commission in its final order in the PECO Energy electric utility restructuring proceeding.
All told, TRF has financed more than 2,526 projects, delivering $939 million in capital to projects throughout the Mid-Atlantic region.
For more information on how the federal American Recovery and Reinvestment Act is creating jobs and making green energy projects a reality, visit www.recovery.pa.gov.
CONTACT:
John Repetz: 717-787-1323
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