IOWA CITY, Iowa (AP) — One of the world’s largest banks will reap a windfall from the University of Iowa’s multi-billion-dollar plan to outsource its utility operations before students or faculty see any benefit from the deal. Wells Fargo is expected to get 1% of the nearly $1.2 billion payment that the university has negotiated for leasing its utility system to a private operator, or around $12 million.

The university hired the bank last year as its strategic advisor on the transaction. The Iowa Board of Regents on Tuesday awarded a 50-year contract to a private company to operate its steam, cooling, water, and electricity infrastructure.