Sacyr achieves financial close for the University of Idaho P3 Project (USA)
- Hybrid financing for this project includes bond and bank debt issues.
- Sacyr Concesiones, as part of a consortium with Plenary, will be responsible for operating, maintaining and improving the energy, water, and steam generation and distribution systems on the university's campus for a 50-year period.
Sacyr has achieved financial close on its first P3 project in the United States, a 50-year management agreement covering the University of Idaho's energy systems.
The financing involves a hybrid formula, including bonds and bank debt. This structure allows for deadlines and conditions that suit the characteristics of the project and has been assigned an A3 rating by Moody´s.
The funding is structured as follows:
- A bond issue of up to $100 million with a maximum term of 40 years
- A bank debt tranche of $130 million
- An additional facility for future capex projects
Improving energy efficiency
Sacyr Concessions, as part of a consortium with the infrastructures manager Plenary, will be responsible for operating, maintaining, and improving the energy, water, and steam generation and distribution systems on the University of Idaho’s Moscow campus for 50 years.
University of Idaho Campus
The University of Idaho was founded in 1889 and delivers more than 150 undergraduate degrees to close to 12,000 students. The University of Idaho’s Moscow Campus covers an area of 640 hectares, including 253 buildings, and 32 hectares of woodland.
The services infrastructure used on the campus is similar to that of a small town. For example, its cooled water distribution system is 12.8 km long, and its electricity distribution network is 6 km long. The drinking water distribution networks are 31.7 km long in total, and it also has steam and compressed air distribution pipes.
The improvements planned by the consortium include reducing the carbon footprint made by energy consumption on campus.
To achieve this, the use of renewable energy will be promoted, and the efficiency of the system improved. There will also be sustainable exploitation of the Grande Ronde and Wanapum aquifers, and the management of wastewater will be improved.
Sacyr launched its US construction activity in 2018, and since then it has secured seven contracts in the states of Florida and Texas, representing a portfolio of more than 640 million dollars (575 million euros).
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