Pittsburgh, PA, March 06, 2025 (GLOBE NEWSWIRE) — 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.
The interconnection of Duquesne’s district energy system with Cordia’s existing Uptown district energy system (the “Uptown Plant”) has significantly improved operational efficiency and increased redundancy. This ensures uninterrupted service in case of temporary maintenance requirements.
Additionally, the partnership allowed for the monetization of excess steam capacity produced by Duquesne’s campus plant, generating additional economic value for the University over the life of the agreement.
In 2022, Cordia and Duquesne further expanded their partnership through a steam line interconnection agreement and a perpetual easement agreement. This enabled the installation and maintenance of steam pipes owned and operated by Cordia, facilitating the delivery of steam and related services from the Uptown Plant to over a dozen buildings in downtown Pittsburgh.
“At Cordia, we are committed to providing reliable, sustainable, and efficient energy solutions,” said Qureshi. “By expanding our partnership with Duquesne University, we continue to advance Pittsburgh’s energy infrastructure while supporting the broader community’s sustainability goals.”
About Cordia
Cordia is a leading provider of safe, reliable, and sustainable energy solutions. Headquartered in Phoenix, AZ, Cordia serves over 700 customers with heating, cooling, and electricity throughout the U.S. Cordia is committed to driving change toward a more resilient, sustainable energy future and empowering people and communities to reach their full potential. Learn more at www.cordiaenergy.com.
About Duquesne University
Founded in 1878, Duquesne University is consistently ranked among the nation’s top Catholic institutions for its distinguished faculty and innovative educational programs. With nearly 8,200 graduate and undergraduate students, Duquesne fosters academic excellence and professional success through hands-on learning experiences. The University’s commitment to community service, equity, and opportunity continues to earn national recognition. It’s time for bigger goals. Learn more at www.duq.edu.