Service provider commits to $9 million in community infrastructure investments
BRYN MAWR, Pa.–(BUSINESS WIRE)–Sep. 14, 2021– Essential Utilities Inc. (NYSE: WTRG) today announced that its Aqua Illinois subsidiary has acquired the wastewater system of the Village of Bourbonnais, which serves approximately 6,500 customer connections in Kankakee County, Ill., for $32.1 million.
“At Essential, we are so proud to deliver safe, reliable services that improve quality of life for our customers in the communities we serve,” said Essential Chairman and CEO Christopher Franklin. “The Village of Bourbonnais is already a valued water partner of Aqua Illinois, and on behalf of our entire team, we are thrilled that this purchase will enable us to expand our contributions in the community.”
Bourbonnais is the second acquisition completed by Essential’s Aqua companies in 2021. The company currently has six additional signed purchase agreements for water and wastewater systems, which have a total purchase price of $426.4 million and represent approximately 226,500 equivalent dwelling units.
As part of the agreement, Aqua Illinois has committed to investing at least $9 million into system upgrades that will provide valuable infrastructure and reliability improvements for the Bourbonnais community.
“The Aqua Illinois team is already hard at work to provide quality wastewater services and exceptional customer care in Bourbonnais,” said Aqua Illinois President Craig Blanchette. “Focusing on our customers’ needs as we deliver essential resources and services has always been our priority. We value Bourbonnais’ partnership, and we look forward to being the village’s trusted wastewater service provider for years to come.”
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including. There are important factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements including: general economic business conditions; the successful integration of the customers and the facility; and other factors discussed in our Annual Report on Form 10-K, which is on file with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential Utilities’ business, please refer to Essential Utilities’ annual, quarterly and other SEC filings. Essential Utilities is not under any obligation — and expressly disclaims any such obligation — to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.