University of Maine System Board of Trustees Meeting Minutes March 2026
UMPI Energy Savings Project Financed via Bank of America Lease
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Description
The Board authorized UMPI to finance up to $4.07 million through Bank of America for an energy savings performance contract under the System’s master lease. The 20-year financing will fund campus-wide energy conservation and infrastructure upgrades expected to generate approximately $7 million in savings.
Contract Details
Contract Amount
not to exceed $4,070,000
Vendor
BANK OF AMERICA
Agency
University of MSBT|Audit Committee, ME
Contract Type
FINANCIAL_SERVICES
Document Date
March 16, 2026
Contract Term
20-year financing
Renewal Info
New 20-year ESPC financing under an energy addendum to the existing master lease agreement; projected long-term savings exceed debt service. No renewal options described beyond the 20-year term.
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