A new and exciting public-private partnership is on the horizon for the University of Maryland’s main College Park campus. A $345.5 million green revenue bond issuance for the NextGen Energy Project is set to hit the primary market next week. With the help of conduit issuer Maryland Economic Development Corp. and sole manager Wells Fargo Securities, this project aims to revolutionize the central heating and cooling system on campus.
The University of Maryland’s flagship College Park campus is in need of a major overhaul when it comes to its energy systems. The current central energy plant, steam thermal system, and chilled water system are showing signs of aging and inefficiency. The upcoming P3 project promises to deliver extensive upgrades, including the replacement of aging equipment, repairs to the thermal distribution system, and a 23% reduction in carbon emissions.
Entities linked to Kiewit and Plenary, two prominent names in construction, engineering, and infrastructure management, are providing equity for the NextGen Energy Project. This partnership brings a wealth of experience in executing large-scale projects under the P3 model. Moody’s has also recognized the consortium members’ expertise in managing district energy systems, further solidifying the project’s credibility.
The University of Maryland is taking a bold stance on sustainability with its NextGen Energy Program. The long-term goal is to achieve a carbon-neutral campus by 2025 and transition to a fossil fuel-free power plant by 2035. By investing in green bonds and focusing on renewable energy sources, the university is setting a powerful example for other institutions to follow.
The NextGen Energy Project is not just about upgrading infrastructure; it’s about securing a sustainable future for the University of Maryland. By reducing carbon emissions, optimizing water usage, and promoting energy efficiency, this initiative will pave the way for a cleaner, greener campus for generations to come. With a strong commitment from university leadership and support from industry partners, the future of sustainable energy at the University of Maryland looks brighter than ever.