Two French companies would pay the University of Iowa more than $1.1 billion to secure the rights to operate its utility system for the next 50 years under a proposal released Tuesday. The Iowa Board of Regents is meeting Tuesday to consider approving the deal with a newly-formed consortium made up of energy company ENGIE and investor and asset manager Meridiam. Gov. Kim Reynolds told the regents that it is a “historic day for higher education in Iowa.” She called it an innovative approach that will create revenue that help finance the school’s strategic plan. Critics have called the deal risky.