Cordia
Summary
Cordia has officially completed the acquisition of Duquesne University’s plant distribution system assets, including pipes, electrical lines, and meters, for $50 million. As part of the transaction, Cordia has entered into an amended 35-year energy service agreement with the University, which has been fully executed and approved by all regulatory authorities.
“This transaction marks an important milestone in our long-standing partnership with Duquesne University,” said Sameer Qureshi, Executive VP of Corporate Development. “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.”
This latest development builds upon a strategic relationship that began in 2019 when Cordia (formerly Clearway Energy) acquired Duquesne’s district energy cogeneration utility plant for $102 million. Under the 40-year energy services agreement, Cordia provides the University with all its steam, chilled water, compressed air, and most of its electricity, while also operating and maintaining the plant distribution system.
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