NextEra Water Pennsylvania to acquire Towamencin wastewater system
NextEra Water Pennsylvania has agreed to acquire the Towamencin wastewater system in Montgomery County, Pennsylvania.
The financial terms of the deal were not disclosed by the indirect subsidiary of NextEra Energy Resources.
The Towamencin wastewater system includes a treatment plant and collection system. It caters to nearly 7,500 customer accounts.
Bruce Hauk — NextEra Water Pennsylvania president said: “We are pleased to have been awarded the bid through a competitive process to purchase the Towamencin wastewater system. 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 deal, which is subject to regulatory approval from the Pennsylvania Public Utility Commission, is expected to be wrapped up in the latter half of 2023.
The Towamencin wastewater system marks the second acquisition for NextEra Water Pennsylvania. The water and wastewater utility expects to close the acquisition of various water and wastewater systems from Quadvest in Texas in Q3 2022.