MassDevelopment has issued a $154,750,000 tax-exempt bond on behalf of The Trustees of Mount Holyoke College to support the college’s campus renewal plan. The tax-exempt bond, purchased by TD Bank, helped the borrower achieve a lower cost of capital.

The college’s geothermal exchange project, already in progress, includes the drilling of geothermal exchange wells and the purchase of heat pumps and related energy equipment. The institution will also use bond proceeds to fund other strategic improvement projects on its campus, such as renovations to its residence halls and key academic buildings along refinance previously issued debt.

“This is an investment in the future of Mount Holyoke College as a leading academic institution and contributor to the Western Massachusetts economy,” said Economic Development Secretary Eric Paley, who serves as chair of MassDevelopment’s board of directors. “Schools like Mount Holyoke play a critical role in advancing our state’s workforce, and we look forward to seeing how this campus renewal project creates a more modernized, sustainable place for students to live, learn, and discover.”