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Ohio State Selects ENGIE-Axium Consortium To Run Energy Systems
April 03,2017 The Ohio State University has selected a new consortium between ENGIE North America and Axium Infrastructure for a 50-year lease to operate the university's various power, utility and HVAC systems. The university's board is to consider the agreement this week Under the lease, ENGIE-Axium would operate the systems that power, heat and cool the Columbus campus and install energy conservation measures campus-wide The total value of the agreement is $1.165 billion, which includes a $1.015 billion upfront payment to the university and a $150 million commitment to support academics in specific areas requested by students, faculty and staff during the bidding process. In addition, ENGIE-Axium would put up the capital funds for and install energy conservation measures and other improvements to Ohio State’s energy infrastructure Ohio State would pay ENGIE-Axium an annual utility fee that includes three elements: an operating fee to cover costs (starting at $9.2 million based on a three-year average of university costs), a fixed fee that starts at $45 million and grows 1.5 percent a year, and a financial return for any capital investments it funds at the university. Capital investments will be 50/50 equity and debt, with initial rates of 9.35 percent and 3.691 percent, respectively.
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