Project devised an investment strategy for fast-tracking the steam to hot water conversion at the University of California, Davis (UCD), utilizing external investment funds. The total capital investment of $172M (40% by UCD and 60% by investor) will be allocated in 3 phases over 4 years (2018-2021), with net benefits beginning in 2022, and providing a return of 9.7% to the external investor over 10 years and 6.5% to UCD over 20 years. Returns for the external investor can vary from 7% to 12.8% based on sensitivity to development costs, construction contingency allocation, and heating system energy losses.

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