Hunton Andrews Kurth Advises Plenary Group and Sacyr on Acquisition of 50-Year Concession of the University of Idaho’s Utility System

Hunton Andrews Kurth LLP recently served as lead transaction counsel to Plenary Group (“Plenary”) and Sacyr S.A. (“Sacyr”) on their winning bid, as joint venture partners, to acquire a 50-year lease and concession of the district utility system owned by the University of Idaho (the “University”).

The deal closed on December 30, 2020 and included the financing of a $225 million upfront payment to the University by the concessionaire organized by Plenary and Sacyr.

The deal is the third of its kind to close in the United States and is part of a trend among universities to rely on private infrastructure investors for the rehabilitation of their legacy utility systems, while generating upfront funds for higher education.

The firm’s team was led by partners David B. Horner and James W. Head.