PHOENIX, Jan. 30,
2024 /PRNewswire/ -- Cordia, a leading provider of
safe, reliable, and sustainable energy solutions, today announced
the financial closing on the three microgrids and district energy
systems in Allegheny County,
Pennsylvania, from Essential Utilities, Inc. (NYSE: WTRG).
The acquisition closed at $165
million.
The three energy systems included in the agreement are:
- The Pittsburgh
International Airport Microgrid, the first of its
kind, which allows the airport to operate independent of the
electric grid thanks to a 21.25 MW natural gas power plant, making
PIT one of the most resilient airports.
- The district energy system at Allegheny Health Network (AHN)
– Wexford Hospital, which provides 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.
- The Allegheny
County District Energy System, which
provides efficient and resilient steam and hot water services to
six government buildings including the Allegheny County Courthouse and City-County
Building, using seven state-of-the-art steam boilers and one
domestic water heater.
"We are excited to announce the successful completion of the
acquisition of three cutting-edge energy systems in Allegheny County," said Cordia CEO
Earl Collins. "These strategic
acquisitions not only strengthen Cordia's presence in the
Pittsburgh region but also
emphasizes our commitment to supporting critical institutions with
efficient and sustainable energy solutions."
The acquisition expands the firm's presence in the Pittsburgh region where it currently operates
energy systems in Pittsburgh's
Uptown and North Shore neighborhoods, and the on-campus energy
system for Duquesne University.
Cordia's assets have been operating in the region since 1964, and
its existing investments in the area allow Cordia to deliver the
most efficient solutions to its customers. This acquisition is a
testament to Cordia's commitment to growing its regional presence
and building on its existing customer base.
The three energy systems were developed by Essential subsidiary
Peoples, leveraging Southwestern
Pennsylvania's abundance of natural gas to deliver safer,
more reliable and more resilient energy to some of the region's
most critical institutions. All three began operating in 2021.
"These innovative projects demonstrate the ability of natural
gas to meet all the energy needs of major institutions, such as
Pittsburgh International Airport
and their groundbreaking microgrid," said Essential Utilities CEO
Chris Franklin. "I'm proud of our
team's work to develop these systems. Essential and Peoples will
continue to support projects that provide resilient, sustainable
energy to Western
Pennsylvania."
"I want to extend my gratitude to Essential Utilities, Inc. and
Peoples for their role in developing these state-of-the-art energy
systems," continued Collins. "Cordia remains committed to providing
safer, more reliable, and more resilient energy to our community.
We are enthusiastic about the positive impact these systems will
have on the region and are confident in our ability to continue
delivering exceptional energy solutions for years to come."
About Cordia
Cordia is a leading provider of safe, reliable, and sustainable
energy solutions. Headquartered in Phoenix, AZ, Cordia serves over 700 customers
with heating, cooling, and electricity throughout the U.S. Cordia
is committed to driving change toward a more resilient, sustainable
energy future and empowering people and communities to reach their
full potential. Learn more at www.cordiaenergy.com.
About Essential
Essential Utilities, Inc. (NYSE: WTRG) delivers safe, clean,
reliable services that improve quality of life for individuals,
families, and entire communities. With a focus on water, wastewater
and natural gas, Essential is committed to sustainable growth,
operational excellence, a superior customer experience, and premier
employer status. We are advocates for the communities we serve and
are dedicated stewards of natural lands, protecting more than 7,600
acres of forests and other habitats throughout our footprint.
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 U.S. Learn more
at www.essential.co.
About Peoples
Peoples provides clean, safe, affordable and reliable natural
gas service to approximately 740,000 homes and businesses in
Western Pennsylvania and
Kentucky. Peoples is committed to
its customers, its employees, the environment, and to the regions
it serves.
Cordia Media
Contact:
|
Essential/Peoples Media
Contact:
|
Jenny
Disbrow
|
Nick
Paradise
|
External Communications
Manager
|
External Communications
Manager
|
480.209.9727
|
Media Hotline:
1.877.325.3477
|
jenny,disbrow@CordiaEnergy.com
|
media@essential.co
|
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