diff --git a/src/port/win32env.c b/src/port/win32env.c
index 4e4cb5e294d..a491497152c 100644
--- a/src/port/win32env.c
+++ b/src/port/win32env.c
@@ -21,126 +21,37 @@ pgwin32_putenv(const char *envval)
 {
 	char	   *envcpy;
 	char	   *cp;
-
-	/*
-	 * Each CRT has its own _putenv() symbol and copy of the environment.
-	 * Update the environment in each CRT module currently loaded, so every
-	 * third-party library sees this change regardless of the CRT it links
-	 * against.
-	 */
 #ifdef _MSC_VER
 	typedef int (_cdecl * PUTENVPROC) (const char *);
-	static struct
-	{
-		char	   *modulename;
-		HMODULE		hmodule;
-		PUTENVPROC	putenvFunc;
-	}			rtmodules[] =
-	{
-		{
-			"msvcrt", NULL, NULL
-		},						/* Visual Studio 6.0 / MinGW */
-		{
-			"msvcrtd", NULL, NULL
-		},
-		{
-			"msvcr70", NULL, NULL
-		},						/* Visual Studio 2002 */
-		{
-			"msvcr70d", NULL, NULL
-		},
-		{
-			"msvcr71", NULL, NULL
-		},						/* Visual Studio 2003 */
-		{
-			"msvcr71d", NULL, NULL
-		},
-		{
-			"msvcr80", NULL, NULL
-		},						/* Visual Studio 2005 */
-		{
-			"msvcr80d", NULL, NULL
-		},
-		{
-			"msvcr90", NULL, NULL
-		},						/* Visual Studio 2008 */
-		{
-			"msvcr90d", NULL, NULL
-		},
-		{
-			"msvcr100", NULL, NULL
-		},						/* Visual Studio 2010 */
-		{
-			"msvcr100d", NULL, NULL
-		},
-		{
-			"msvcr110", NULL, NULL
-		},						/* Visual Studio 2012 */
-		{
-			"msvcr110d", NULL, NULL
-		},
-		{
-			"msvcr120", NULL, NULL
-		},						/* Visual Studio 2013 */
-		{
-			"msvcr120d", NULL, NULL
-		},
-		{
-			"ucrtbase", NULL, NULL
-		},						/* Visual Studio 2015 and later */
-		{
-			"ucrtbased", NULL, NULL
-		},
-		{
-			NULL, NULL, NULL
-		}
+	static const char *const modulenames[] = {
+		"msvcrt",				/* Visual Studio 6.0 / MinGW */
+		"msvcrtd",
+		"msvcr70",				/* Visual Studio 2002 */
+		"msvcr70d",
+		"msvcr71",				/* Visual Studio 2003 */
+		"msvcr71d",
+		"msvcr80",				/* Visual Studio 2005 */
+		"msvcr80d",
+		"msvcr90",				/* Visual Studio 2008 */
+		"msvcr90d",
+		"msvcr100",				/* Visual Studio 2010 */
+		"msvcr100d",
+		"msvcr110",				/* Visual Studio 2012 */
+		"msvcr110d",
+		"msvcr120",				/* Visual Studio 2013 */
+		"msvcr120d",
+		"ucrtbase",				/* Visual Studio 2015 and later */
+		"ucrtbased",
+		NULL
 	};
 	int			i;
-
-	for (i = 0; rtmodules[i].modulename; i++)
-	{
-		if (rtmodules[i].putenvFunc == NULL)
-		{
-			if (rtmodules[i].hmodule == NULL)
-			{
-				/* Not attempted before, so try to find this DLL */
-				rtmodules[i].hmodule = GetModuleHandle(rtmodules[i].modulename);
-				if (rtmodules[i].hmodule == NULL)
-				{
-					/*
-					 * Set to INVALID_HANDLE_VALUE so we know we have tried
-					 * this one before, and won't try again.
-					 */
-					rtmodules[i].hmodule = INVALID_HANDLE_VALUE;
-					continue;
-				}
-				else
-				{
-					rtmodules[i].putenvFunc = (PUTENVPROC) GetProcAddress(rtmodules[i].hmodule, "_putenv");
-					if (rtmodules[i].putenvFunc == NULL)
-					{
-						rtmodules[i].hmodule = INVALID_HANDLE_VALUE;
-						continue;
-					}
-				}
-			}
-			else
-			{
-				/*
-				 * Module loaded, but we did not find the function last time.
-				 * We're not going to find it this time either...
-				 */
-				continue;
-			}
-		}
-		/* At this point, putenvFunc is set or we have exited the loop */
-		rtmodules[i].putenvFunc(envval);
-	}
 #endif   /* _MSC_VER */
 
 	/*
 	 * Update process environment, making this change visible to child
-	 * processes and to CRTs initializing in the future.
+	 * processes and to CRTs initializing in the future.  Do this before the
+	 * _putenv() loop, for the benefit of any CRT that initializes during this
+	 * pgwin32_putenv() execution, after the loop checks that CRT.
 	 *
 	 * Need a copy of the string so we can modify it.
 	 */
@@ -170,6 +81,31 @@ pgwin32_putenv(const char *envval)
 	}
 	free(envcpy);
 
+	/*
+	 * Each CRT has its own _putenv() symbol and copy of the environment.
+	 * Update the environment in each CRT module currently loaded, so every
+	 * third-party library sees this change regardless of the CRT it links
+	 * against.  Addresses within these modules may become invalid the moment
+	 * we call FreeLibrary(), so don't cache them.
+	 */
+#ifdef _MSC_VER
+	for (i = 0; modulenames[i]; i++)
+	{
+		HMODULE		hmodule = NULL;
+		BOOL		res = GetModuleHandleEx(0, modulenames[i], &hmodule);
+
+		if (res != 0 && hmodule != NULL)
+		{
+			PUTENVPROC	putenvFunc;
+
+			putenvFunc = (PUTENVPROC) GetProcAddress(hmodule, "_putenv");
+			if (putenvFunc)
+				putenvFunc(envval);
+			FreeLibrary(hmodule);
+		}
+	}
+#endif   /* _MSC_VER */
+
 	/* Finally, update our "own" cache */
 	return _putenv(envval);
 }