Dartmouth College has hired Goldman Sachs consultants to explore options to construct a new power plant. The College is also expecting to transition its steam heating system to a more efficient hot water loop system, said executive vice president Rick Mills.

Goldman Sachs will help the College in the search for private companies to contribute in the construction of the new plant. This P3 model, is increasingly common when universities pursue a project outside their zone of expertise. Goldman Sachs is working with the College to decide which plan to pursue, a process that will take two to three years.

The College is considering using wood chips as its biomass energy source, they release more carbon dioxide into the atmosphere than burning oil.