A 50/50 Meridiam and ENGIE Special Purpose Vehicle has been selected to maintain and operate the University of Iowa's utilities, including energy and water systems, over the 50-year contract.
The deal included the adoption of a coal-free by 2025 (or sooner) goal, as well as other energy, water, and sustainability ambitions.
As part of the concession, the university will pay the consortium a USD35m annual fee for the first five years, with the fee increasing by 1.5 percent annually thereafter.
Meridiam CEO Thierry Deau said the project, “will establish the University of Iowa as a landmark clean energy campus community for future generations.”