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Mar 10, 2020

Meridiam successfully achieves financial close of the 50-year concession contract with the University of Iowa’s utility system

Meridiam has reached on March 10th the financial close of the University of Iowa Utility System Project, a 50-year contract to operate, maintain and upgrade the University’s utility system.

This contract was awarded to Meridiam and ENGIE North America on a 50/50 basis and is valued at more than $1 billion USD. 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 managing high quality and sanitary water and storm sewer services. 

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 [1] . 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.  
 

Sources :

[1] especially Goal #4 (ensure inclusive and equitable quality education and promote lifelong learning opportunities for all), Goal #6 (ensure availability and sustainable management of water and sanitation for all), Goal #7 (ensure access to affordable, clean, reliable, sustainable and modern energy for all), Goal #9 (build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation) and Goal #13 (take urgent action to combat climate change and its impacts).

 

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