Passive 2-phase immersion cooling is often misunderstood. There is no need for a chiller, it uses a simple dry tower, which is essentially the same thing as a radiator in the front of your car or your water cooling system of a PC. And it also works in very hot climates.
The systems are designed to work with hot water (aka hot water cooling). It takes very little energy to cool water from say 70C to 50C even when it's extremely hot outside like in Arizona or other hot places. (this hot water can in fact also be used to heat up buildings like schools or offices)
http://www.electronics-cooling.com/2014/02/bitcoin-2-phase-immersion-cooling-and-the-implications-for-high-performance-computing/
The PUE of less than 1.01 includes the _total_ cooling process, including device and building cooling. There is nothing else required. There is no trickery. In fact it's less than that. If you'd use wet towers, or a river near by, it would be lower. But why waste the water and waste time with an open system (needs frequent cleanup)?