Financial close on USD1 billion utility system project in USA
Meridiam and ENGIE North America have announced they reached the financial close of the University of Iowa Utility System PPP Project on March 10, 2020. The project is a 50-year contract to operate, maintain and upgrade the University’s utility system.
The contract was awarded to Meridiam and ENGIE North America on a 50/50 basis and is valued at more than US$1 billion. It aims to address the University of Iowa’s energy, water, 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 scope of the concession includes providing heating, cooling, and electricity to the campuses through a dedicated network while also
One of the key features of this contract is to help the University meet its energy transition objectives and be completely coal-free by 2025. It will therefore concretely contribute to the United Nations Sustainable Development Goals. Meridiam and ENGIE will also work with the University to:
- Deliver multiple services and solutions involving reduction in energy usage, renewable energy generation sources, microgrids, energy storage and other innovative technologies preparing the campus for a resilient and sustainable future;
- Build innovative programs about energy transition for students & employees to benefit from experiential learning and innovation via internships, projects, and research opportunities.
The team combines a leading long-term sustainable energy transition infrastructure investor with Meridiam with a world’s leading energy services provider with ENGIE. This partnership offers the University global resources, operational knowledge, and best practices needed to deliver this crucial mission while enabling the University to focus on its core missions in academics and research.
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