NextEra Water enters agreement to purchase Pennsylvania wastewater system
NextEra Water Pennsylvania, a subsidiary of NextEra Energy Resources, has entered into an agreement to purchase the wastewater system owned by Towamencin Township in Montgomery County, Pennsylvania.
The Towamencin wastewater system consists of a treatment plant and collection system and serves approximately 7,500 customer accounts.
"We are pleased to have been awarded the bid through a competitive process to purchase the Towamencin wastewater system,” Bruce Hauk, president of NextEra Water, said. “NextEra Water is committed to meeting high standards for the wastewater system and providing high-quality service to community residents and businesses. The acquisition of the Towamencin wastewater system furthers our goal of creating a national water utility and is consistent with our strategy of adding high-quality regulated assets to our portfolio."
The sale requires regulatory approval from the Pennsylvania Public Utility Commission. Assuming timely regulatory approval, the sale is targeted to close in the second half of 2023.
The Towamencin wastewater system acquisition is NextEra Water's second acquisition. NextEra Water expects to complete the purchase of several water and wastewater systems from Quadvest, L.P. in Texas in the third quarter of this year.
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