ENGIE Completes Financial Close with University of Iowa
March 18, 2020 – Houston, TX – Today ENGIE announced the financial close reached on March 10th for the Public Private Partnership (P3) with the University of Iowa. ENGIE will manage the University’s utility system under a 50 years Concession Agreement.
On December 10, 2019, ENGIE and its partner Meridiam were awarded the concession valued at more than $1 billion dollars to manage the University of Iowa’s utilities and sustainability goals for two campuses spanning 1,700 acres in Iowa City, Iowa. These campuses together form one of the largest university footprints in the United States and serve over 35,000 students and approximately 14,000 employees.
The partnership allows the University to focus on its core mission of academics and research while working towards its goal of being coal-free by 2025, or sooner. At the same time, ENGIE and its partner Meridiam will focus on helping the University reduce its energy usage and leverage renewable energy generation sources, microgrids, energy storage and other technologies for a sustainable future.
Hannon Armstrong (NYSE: HASI), a leading investor in climate change solutions, holds a financial interest in the project through a preferred equity tranche.
The agreement requires that:
- Sources of renewable energy and sustainable fuel will be used.
- Legacy University of Iowa utility system employees being on-boarded by ENGIE.
- Students, faculty and staff at the University will have opportunities to benefit from experiential learning and innovation via local and global internships, projects, and research opportunities in energy and other areas.
ENGIE will operate, maintain, optimize, and modernize the on-campus utility systems for the University under the agreement. The scope includes the provision for heating, cooling, and electricity to the campus through a dedicated network while also managing high quality and sanitary water and storm sewer services.
“ENGIE is excited to help lead the University of Iowa in its zero-carbon transition and towards a more sustainable energy future,” said Gwenaelle Avice-Huet, CEO of ENGIE North America.
About ENGIE North America
ENGIE North America Inc. offers a range of capabilities in the United States and Canada to help customers decarbonize, decentralize and digitalize their operations. These include comprehensive services to help customers run their facilities more efficiently and optimize energy and other resource use and expense; clean power generation; energy storage; and retail energy supply that includes renewable, demand response, and on-bill financing options. Nearly 100% of the company’s power generation portfolio is low carbon or renewable. Globally, ENGIE S.A. is the largest independent power producer and energy efficiency services provider in the world, employing 160,000 people in 70 countries. For more information on ENGIE North America, please visit our LinkedIn page or Twitter feed, www.engie-na.com and www.engie.com.
Media Contacts:
ENGIE North America: Sandrine Deparis, sandrine.deparis@engie.com, (202) 855 3705