MassDevelopment, the state’s finance and development agency, announced a $2 million structured financing placement in Mass College Green, a pilot program that seeks to speed up the adoption of energy efficiency measures by independent colleges in the state.
The investment will support energy efficiency upgrades at facilities of schools belonging to the Association of Independent Colleges and Universities in Massachusetts, or AICUM. The investment leverages a financing model developed by GreenerU Inc., a group whose energy engineers and sustainability specialists partner with campuses to implement energy efficiency upgrades and building programs to achieve reductions in energy use, utility costs, and greenhouse gas emissions.
The Mass College Green program has no upfront costs for participating colleges. Schools pay only for delivered energy efficiency so they bear no risk of a project underperforming.
Richard Doherty, AICUM president, noted that by reducing energy consumption and costs on college campuses, the program has the potential to allow more funds to be available for student programs and services.
In a statement, MassDevelopment president and chief executive Marty Jones said: “We are excited about the opportunity to drive improvements in energy infrastructure at Massachusetts colleges and universities through Mass College Green. This pilot program will demonstrate how innovative financing efforts focused on energy efficiency can provide immediate and long-term benefits to colleges and universities throughout the Commonwealth. The savings generated from these initial projects will kick-start deeper energy efficiency investment and allow the campuses to achieve even greater reductions in utility costs.”