MassDevelopment Bond Helps ISO New England Expand and Improve Holyoke Campus

September 09, 2026

Kiara Ford, 978-844-1380
kford@massdevelopment.com

HOLYOKE, Mass. – MassDevelopment issued a $60 million tax-exempt bond on behalf of ISO New England Inc. to help the regional transmission organization expand and improve its campus in Holyoke. TD purchased the tax-exempt bond, which helped ISO New England achieve a lower cost of capital.

ISO New England will use bond proceeds to buy five acres adjacent to its current campus, remove an existing building on the property, and in its place build and equip a new three-story, 79,000-square-foot facility and more than 300 new parking spaces. The new all-electric, LEED-certified building will support training and visitor meetings, help address current office space constraints, and improve campus security. Construction is expected to begin in late 2026 and be completed in 2028. ISO New England has more than 855 employees and consultants.

“ISO New England plays a critical role in maintaining a reliable electric grid for residents and businesses across the region, while serving as a major employer in Holyoke,” said Economic Development Secretary Eric Paley, Chair of MassDevelopment’s Board of Directors. “This financing will help the organization expand its campus, strengthen its operations and continue investing in Western Massachusetts.”

“With responsibility for the operation of New England’s electric power generation and transmission system, ISO New England is both a major employer and facilitator of economic activity here in Massachusetts,” said MassDevelopment President and CEO Navjeet Bal. “MassDevelopment is pleased to partner with TD to help the organization invest in the future of its Holyoke campus.”

"ISO New England plays a vital role in supporting the reliability of the electric grid across New England, and we're proud to partner with MassDevelopment to help finance this important investment in its future," said Tom Armstrong, Senior Relationship Manager, Middle Market, TD Bank U.S. "This project will strengthen critical infrastructure, support sustainable development, and enhance ISO New England's ability to serve the region as energy needs continue to evolve. Investments like these help build a stronger, more resilient New England, and we're pleased to be part of that progress."

"We are grateful to MassDevelopment and TD for financing this project," said ISO New England President and CEO Vamsi Chadalavada. "The new facility strengthens our ability to serve the region and collaborate with stakeholders as the grid evolves and our work grows more complex."

Created in 1997, ISO New England is the independent, nonprofit corporation responsible for the reliable operation of New England’s electric power generation and transmission system, overseeing and ensuring administration of the region’s wholesale electricity markets and managing comprehensive regional electric power planning.

TD Bank US Holding Company and its subsidiaries, including TD Bank, N.A., are collectively known as TD Bank U.S. As the U.S. banking business of The Toronto-Dominion Bank (TSX and NYSE: TD), a leading North American financial services firm, TD Bank U.S. serves more than 10 million clients and has a network of approximately 1,050 locations throughout the Northeast, Mid-Atlantic, Carolinas, and Florida. We support our clients and communities with a full range of retail, small business, and commercial banking products and services. We also offer customized private banking and wealth management services, a comprehensive suite of credit card products for consumers and businesses, and automotive vehicle financing and dealer commercial services. TD Bank U.S. is one of the largest banks in the U.S. by assets and is headquartered in Mount Laurel, N.J.

MassDevelopment, the state’s development finance agency and land bank, delivers financing solutions, real estate expertise, and other assistance to strengthen and grow the Massachusetts economy. We partner with businesses, nonprofits, developers, banks, and municipalities, providing resources to help create jobs, build housing, and foster vibrant communities across the state. During FY2025, MassDevelopment financed or managed 409 projects generating investment of more than $4.65 billion in the Massachusetts economy. These projects are estimated to create or support 25,246 jobs and build or preserve 2,867 housing units.