University of Idaho announces public-private partnership for concession of university's utility system
Clients The University of Idaho
Jones Day represented the University of Idaho in connection with the University's public-private partnership with a joint venture between Plenary and Sacyr for a 50-year lease and concession of the University’s energy assets. The joint venture will make an upfront payment to the University of $225 million. "The P3 agreement will allow the university to better invest in the student and research endeavors that have been part of our land-grant mission for more than 130 years. In addition to scholarship support that will improve the go-on rate in Idaho, the transaction creates a concessionaire-paid maintenance plan for our steam plant and utility system that will free up state funding for other projects," University of Idaho President Scott Green said. "This partnership is a wise business decision that will benefit the university for generations to come." The transaction was approved by the University's Board of Regents unanimously on November 2, and was executed that day. Financial close occurred during the first quarter of 2021.