New 40-year public-private partnership involves the campus Tri
PRINCETON, N.J.--(BUSINESS WIRE)--May 2, 2019--
Clearway Energy, Inc. (“Clearway”), (NYSE: CWEN and CWEN.A) and Duquesne
University in Pittsburgh have entered into a 40-year energy services
agreement following Duquesne’s sale of its Tri Generation facility to
Clearway. With this arrangement, Duquesne becomes the second recent
university in the United States and the first in Pennsylvania to
monetize energy assets via a Tri Generation facility, which allows users
to convert excess steam that otherwise becomes waste into reliable
energy for electricity, water heating, and cooling.
The strategic partnership creates an arrangement to interconnect the
Duquesne System, owned and operated by Clearway, to a neighboring
Clearway system. The connection will make operating both facilities more
efficient and provide back-up capacity if either system needs to shut
down for maintenance or other reasons. The new arrangement will also
monetize excess steam capacity currently produced by the plant on
Duquesne’s campus, unlocking economic value for the University.
“Clearway is excited to partner with Duquesne to provide efficient and
reliable electricity, steam, and chilled water services. Our
long-standing presence and continued investment in Pittsburgh’s downtown
district energy system positioned us to further expand with the addition
of the Duquesne System via a planned interconnection to our neighboring
system,” said Jim Lodge, Vice President of Business Development and
Strategy at Clearway. “With the additional capacity of the combined
systems, we now have the ability to form a new and modern city-wide
district energy system, helping improve resiliency and efficiency for
schools, hospitals, and other customers in Pittsburgh.”
The transaction demonstrates ongoing momentum in the higher education
sector for schools to monetize their energy assets under public-private
partnerships and outsource energy services, allowing them to reinvest in
their core missions and services.
“Clearway is an industry leader with vast experience operating combined
heat, cooling, and power generating plants across the United States.
This partnership will allow Duquesne to focus its resources on its core
mission of educating students,” said Matt Frist, Vice President for
Finance and Business for Duquesne. “Further, this initiative directly
aligns with the University’s strategic plan and one of the City of
Pittsburgh’s Eco Innovation District goals aimed at pursuing solutions
for district energy within Uptown.”
Duquesne’s Utility System was originally constructed in 1967 and
converted in 1997 to a Tri Generation facility.
About Clearway Energy, Inc.
Clearway Energy, Inc. is a leading publicly-traded energy infrastructure
investor focused on modern, sustainable and long-term contracted assets
across North America. Clearway Energy’s environmentally-sound asset
portfolio includes over 7,000 megawatts of wind, solar and natural
gas-fired power generation facilities, as well as district energy
systems. Through this diversified and contracted portfolio, Clearway
Energy endeavors to provide its investors with stable and growing
dividend income. Clearway Energy’s Class C and Class A common stock are
traded on the New York Stock Exchange under the symbols CWEN and CWEN.A,
respectively. Clearway Energy, Inc. is sponsored by its controlling
investor Global Infrastructure Partners III (GIP), an independent
infrastructure fund manager that invests in infrastructure and
businesses in both OECD and select emerging market countries, through
GIP’s portfolio company, Clearway Energy Group.
Founded in 1878, Duquesne is consistently ranked among the nation's top
Catholic universities for its award-winning faculty and tradition of
academic excellence. Duquesne, a campus of nearly 9,500 graduate and
undergraduate students, has been nationally recognized for its academic
programs, community service and commitment to sustainability. Follow
Duquesne University on Facebook, Twitter and Instagram. www.duq.edu
View source version on businesswire.com: https://www.businesswire.com/news/home/20190502005460/en/
Source: Clearway Energy, Inc.
For Duquesne University
Gabriel Welsch, 412-396-6049; cell
Rose Ravasio, 412-396-6051; cell 412-818-0234
Clearway Energy, Inc.