Essential Utilities Announces Sale of Allegheny County Microgrid and District Energy Projects to Cordia
Three projects developed and operated by subsidiary
The agreement covers innovative microgrids and district energy systems developed by Peoples, Essential’s gas operations subsidiary based in
Pittsburgh International Airportmicrogrid is the first of its kind, allowing the airport to operate independent of the electric grid thanks to a 21.25 MW natural gas power plant supported by on-site gas production, making PIT one of the most resilient airports in the world.
The district energy system at
Allegheny Health Network(AHN) – Wexford Hospitalprovides the 160-bed hospital with all heating, cooling and primary power needs via steam boilers, hot water boilers, chillers, and a 2.0 MW natural gas generator, along with emergency backup power.
Allegheny CountyDistrict Energy system provides efficient and resilient steam and hot water services to six government buildings including the Allegheny County Courthouseand City-County Building, using seven state-of-the-art steam boilers and one domestic water heater.
“I thank our Peoples and Essential teams for their work in creating a clean, safe, reliable future through developing these innovative energy systems,” said
Essential selected Cordia as the buyer for the three systems in part because of their expertise in microgrids and district energy systems, along with their established footprint in
"We are honored to have the opportunity to acquire the cutting-edge microgrid and district energy systems from
The sale of these unregulated assets, along with the recently closed
“Ensuring our customers remained in good hands has been a top priority throughout this process,” said Peoples President
The transaction is subject to various closing conditions and regulatory approvals, and is expected to close in late 2023 or early 2024.
Use of Proceeds
Essential will use the
Operating as the Aqua and Peoples brands, Essential serves approximately 5.5 million people across 9 states. Essential is one of the most significant publicly traded water, wastewater service and natural gas providers in the
Peoples provides clean, safe, affordable and reliable natural gas service to approximately 740,000 homes and businesses in
Cordia is a leading provider of safe, reliable, and sustainable energy solutions. Headquartered in
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the company’s ability to successfully close the transaction. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: the receipt of governmental approvals and other closing conditions; the successful closing of the acquisition; and other factors discussed in our Annual Report on Form 10-K, which is on file with the
Essential Media Contact:
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Media Hotline: 1.877.325.3477
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