Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, pursuing its P3 infrastructure strategy, today announced it has entered into an agreement with Illinois Institute of Technology (“Illinois Tech”) to operate, manage and redevelop the university’s on-campus utility system.
The investment, structured as a 40-year Public-PrivatePartnership (“P3”), will support Illinois Tech and provide the university with a capital solution for deferred maintenance costs, operations and maintenance services, energy conservation measures and cost savings efforts. Founded in 1890, Illinois Tech is the only technology-focused university in the city of Chicago and offers degrees in engineering, science, architecture, business, design, human sciences, computing, and law.
Illinois Tech’s utility plant provides chilled water and steam production and distribution, as well as electricity production to the campus. As part of the P3 arrangement, Harrison Street intends to install a new, highly efficient trigeneration system to reduce costs and carbon emissions.
Christopher Merrill, Harrison Street’s Co-Founder, Chairman and Chief Executive Officer, said, “We are thrilled to be entering into this long-term P3 partnership with Illinois Tech, a leading technology-focused research institution located in our hometown of Chicago. This agreement is consistent with Harrison Street’s strategy to invest in mission critical social infrastructure and to deliver a comprehensive capital and maintenance solution with world-class operators to support our top-tier university partners, both large and small. Harrison Street has long served as a partner of choice to higher education, utilities, and health systems and we look forward to working with Illinois Tech to help them achieve their long-term operational capabilities.”
Existing Harrison Street partners Ever-Green Energy and Juhl Clean Energy Assets will provide operation
and development support, respectively.