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October 30, 2024 Duquesne University Finalizes Expanded Public-Private Partnership with Cordia

Pittsburgh, PA (October 30, 2024) – The University has finalized the sale of its plant distribution system assets (e.g. pipes, electrical lines, meters, etc.) to Cordia for $50 million and has entered into an amended 35-year energy service agreement, which is subject to regulatory approval.   

“Cordia is an industry leader with vast experience building, owning, operating and financing thermal energy plants across the United States. This expanded arrangement is a natural extension of our existing partnership and continues our efforts to privatize operations that are not central to our work and allow Duquesne to focus its resources on its core mission of educating students,” said Matt Frist, senior vice president for finance and business.

In 2019, Duquesne sold its district energy cogeneration utility plant to Cordia (formerly Clearway Energy) for $102 million and entered into a 40-year energy services agreement, whereby Cordia provides all of the University’s steam, chilled water, compressed air, and a majority of its electricity, to campus facilities, and operates and maintains the plant distribution system.

The strategic partnership created an arrangement that interconnected Duquesne’s district energy system to Cordia’s existing Uptown district energy system (the “Uptown Plant). The connection made operating both facilities more efficient and reduced risk through redundancy if either system is required to temporarily cease operations for maintenance or other reasons.

The arrangement also allowed the University to monetize excess steam capacity produced by the plant on Duquesne’s campus, unlocking additional economic value for the University over the life of the agreement.

In 2022, the University further expanded its partnership with Cordia and entered into a new steam line interconnection agreement and a perpetual easement agreement that allowed for the installation and maintenance of steam pipes. The steam pipes are owned and operated by Cordia and tie into the interconnection to provide steam and related services from the Uptown Plant to Cordia’s customers in more than a dozen buildings in downtown Pittsburgh.

“Cordia is grateful for its partnership with Duquesne University, whose shared vision enabled the interconnection of UPMC and Duquesne plants, unlocking excess capacity to support downtown Pittsburgh’s district energy system, PACT. The seamless transfer of district steam services from PACT to Cordia advanced the city’s climate goals and ensured reliable, economical energy for downtown businesses. This achievement was made possible by the University’s leadership in repurposing its assets for the broader Pittsburgh community,” said Sameer Qureshi, Executive VP of Corporate Development.

About Cordia

Cordia is a leading provider of safe, reliable, and sustainable energy solutions. Headquartered in Phoenix, AZ, Cordia serves over 700 customers with heating, cooling, and electricity throughout the U.S. Cordia is committed to driving change toward a more resilient, sustainable energy future and empowering people and communities to reach their full potential. Learn more at www.cordiaenergy.com.

About Duquesne University

Founded in 1878, Duquesne is consistently ranked among the nation’s top Catholic universities for its award-winning faculty and horizon-expanding education. A campus of nearly 8,200 graduate and undergraduate students, Duquesne prepares students by having them work alongside faculty to discover and reach their goals. The University’s academic programs, community service and commitment to equity and opportunity in the Pittsburgh region have earned national acclaim. It’s time for bigger goals. www.duq.edu