Essential Utilities Announces Sale Of Allegheny County Microgrid And District Energy Projects To Cordia; The Agreement Is Valued At $165M
Portfolio Pulse from Benzinga Newsdesk
Essential Utilities, Inc. (NYSE:WTRG) has announced a binding agreement to sell its three non-utility microgrid and district energy properties in Allegheny County to Cordia for $165 million. The assets include the Pittsburgh International Airport microgrid, the district energy system at Allegheny Health Network – Wexford Hospital, and the Allegheny County District Energy system. The transaction is expected to close in late 2023 or early 2024.
October 03, 2023 | 12:17 pm
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Essential Utilities is selling three of its non-utility microgrid and district energy properties to Cordia for $165 million. This move allows Essential to focus more on its core business as a regulated utility.
The sale of these assets will allow Essential Utilities to focus more on its core business as a regulated utility. However, the impact on the stock price is uncertain as the deal is expected to close in late 2023 or early 2024.
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IMPORTANCE 75
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