Century Bonds Will Help Realize Sustainability Goals
Following approval in the Spring by Penn's Board of Trustees, the University has sold $300 million in Century Bonds that have an interest-only annual payment with a maturity date for payback of the bond principal of one hundred years. Proceeds from these bond sales will be used to support projects that combine deferred maintenance and energy efficiency.
Facilities and Real Estate Services will be managing many projects on campus that will improve building energy efficiency while addressing deferred maintenance. The projects will include upgrading T12 lighting, which is imperative as these bulbs are no longer being manufactured, and the replacement of HVAC systems in some of the campus' largest and most complex laboratory buildings.
Ken Ogawa, Penn Facilities and Real Estate Services Executive Director of Operations and Maintenance, expects increased energy savings in these complex, research-oriented buildings that, by their nature, consume a great deal. With advances in technology, Penn will benefit both through energy savings that will pay for the cost of the bond and improve comfort to building occupants.