Cordia LLC acquired Three Microgrids And District Energy Systems In Allegheny, Pennsylvania of Essential Utilities, Inc.
January 29, 2024
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Cordia LLC signed a letter of intent to acquire Three Microgrids And District Energy Systems In Allegheny, Pennsylvania of Essential Utilities, Inc. for a transaction valued at $165 million on October 3, 2023. The transaction is subject to various closing conditions and regulatory approvals and is expected to close in late 2023 or early 2024. TD Securities (USA) LLC acted as financial advisor and Gibson, Dunn & Crutcher LLP acted as legal advisor to Essential. Essential will use the $165 million in transaction proceeds to finance its capital expenditures and water and wastewater acquisitions, in place of external funding from equity and debt issuances.
Cordia LLC completed the acquisition of Three Microgrids And District Energy Systems In Allegheny, Pennsylvania of Essential Utilities, Inc. on January 30, 2024.
Essential Utilities, Inc. is a holding company for regulated utilities providing water, wastewater, or natural gas services. The Companyâs segments include the Regulated Water segment and the Regulated Natural Gas segment. The Regulated Water segment consists of water and wastewater regulated utility companies, which are organized by the states where the Company provides water and wastewater services. The Regulated Natural Gas segment consists of natural gas utility companies, acquired in the Peoples Gas Acquisition, for which the Company provides natural gas distribution services. It provides services across Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, Virginia, and Kentucky under the Aqua and Peoples brands. The Company also operates market-based activities, conducted through its non-regulated subsidiaries, that provide utility service line protection solutions and repair services to households and gas marketing and production activities.
ESSENTIAL UTILITIES, INC. 
