Duquesne University, Cordia Complete $50M District Energy, Efficiency Acquisition
Duquesne University has completed the sale of its district energy and plant distribution system to Cordia for $50 million.
In exchange, Cordia will take over operations as part of a 35-year energy service agreement in the transaction. The Pittsburgh-based school and Cordia have been working on the deal for about a year, although the energy services firm, formerly known as Clearway Energy, first acquired Duquesne’s cogeneration power plant for $102 million in 2019.
Cordia will provide the university with all of its steam, chilled water, compressed air and most of its electricity under the long-term services contract. The company also will operate and maintain the campus plant distribution system.
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The deal took close to a year to complete as Cordia and Duquesne sought various regulatory approvals. The campus energy partnership dates back to the past decade.
“This transaction marks an important milestone in our long-standing partnership with Duquesne University,” said Sameer Qureshi, Executive vice president of Corporate Development, in a statement. “Our continued collaboration enhances the efficiency and reliability of Pittsburgh’s district energy infrastructure while allowing Duquesne to focus on its core mission of education.”
Duquesne University’s district system is now interconnected with Cordia’s Uptown plant. The interconnection is designed to improve energy efficiency and ensure uninterrupted service.
Excess steam capacity produced by the Duquesne plant also can be sold to customers outside the campus.
Selling the system to Cordia also frees the school to concentrate on its educational missions. The private Catholic-run research university was founded in 1878 and now educates close to 8,200 undergraduate and graduate students across its campuses.
