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NIU trustees approve $53 million step toward campus energy overhaul, authorize financing steps
Summary
The board approved a $53 million capital request to implement an energy savings agreement with Trane covering upgrades across 51 campus buildings and authorized pursuing certificates of participation to finance the project; trustees pressed for reporting and were told Trane guarantees measured savings.
Northern Illinois University’s Board of Trustees on a special meeting approved the university’s recommendation to move forward with a $53 million capital allocation to implement a campuswide energy savings agreement with Trane, and separately authorized steps to pursue financing through certificates of participation.
President Freeman told trustees the proposed energy savings agreement (ESA) follows an earlier $3 million launch and would fund improvements across 51 campus buildings, including HVAC upgrades, lighting and water conservation, building envelope improvements, solar arrays and electric vehicle chargers. The university presented a conservative financing model that estimated $123,400,000 in combined capital and financing costs and $28,800,000 in…
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