Aqua Pennsylvania Secures Nearly $78 Million in Low-Interest Loans to Support Installation of More than 133,000 Feet of Water Mains & New Fire Hydrants

By: Essential Utilities, Inc. via Business Wire

July 17, 2024 at 17:28 PM EDT

Company has been awarded nearly $115 million in low-interest loans and grants from PENNVEST in the past 3-years

Aqua Pennsylvania announced today it secured low-interest loan funding through the Pennsylvania Infrastructure Investment Authority (PENNVEST) to support its ongoing commitment to replace aging infrastructure across Pennsylvania. The $77.5 million in funding will support 21 projects to install new and replace aging water mains and fire hydrants over the next three years, resulting in reduced water loss due to leaks and breaks, and improved service and reliability for tens of thousands of customers in Bucks, Montgomery, Delaware and Chester Counties. These projects will be funded by PENNVEST’s Programmatic Financing (ProFi) program, which allows utilities to seek funding based on annual or multi-year projects, rather than the traditional project-specific lending strategy. Aqua Pennsylvania is the first Pennsylvania Public Utility Commission-regulated water utility to secure funding through the ProFi program.

“These projects will serve our customers for generations to come. With some pipes in our state dating back decades, this essential work assists in our commitment to provide the highest quality of service for our customers today and well into the future,” said Aqua Pennsylvania President Marc Lucca.

These projects replace and add 133,400 lineal feet of water mains with more durable, modern materials, reducing the likelihood of main breaks and increasing system reliability in more than a dozen communities served by Aqua Pennsylvania. Improvements include replacing aging pipes in poor condition or those having a history of leaks. The projects also improve public safety with the installation of approximately 80 new fire hydrants.

The water main replacements will positively impact customers in the following communities:

DELAWARE COUNTY

Aldan Borough, Haverford Township, Marple Township, Nether Providence Township, Springfield Township and Upper Darby Township

BUCKS COUNTY

Bensalem Township, Lower Southampton Township and Warminster Township

MONTGOMERY COUNTY

Collegeville Borough, Hatboro Borough, Lower Merion Township and Perkiomen Township

CHESTER COUNTY

Tredyffrin Township, Uwchlan Township and West Bradford Township

“I am extremely proud of the Aqua Pennsylvania team who diligently identified and pursued this funding. These low-interest loans allow us to efficiently complete this work for our customers,” said Lucca. “I want to specifically thank PENNVEST for their assistance in securing these funds.”

With this $77.5 Million in funding, Aqua Pennsylvania has now secured nearly $115 million in grants and low-interest loans for projects across the Commonwealth. Aqua Pennsylvania will continue to seek these funding opportunities as part of its commitment to exemplary service and affordability.

About Aqua Pennsylvania

Aqua Pennsylvania provides water and wastewater service to approximately 1.5 million people in 32 counties throughout the Commonwealth of Pennsylvania. Visit AquaWater.com for more information or follow @MyAquaWater on Facebook and @MyAquaWater on X.

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 nine 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.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. The Company can give no assurance that any actual or future results or events discussed in these statements will be achieved. Any forward-looking statements represent its views only as of today and should not be relied upon as representing its views as of any subsequent date. Readers are cautioned that such forward-looking statements are subject to a variety of risks and uncertainties that could cause the Company’s actual results to differ materially from the statements contained in this release. Such forward-looking statements include, but are not limited to, statements relating to the capital to be invested in the Company’s water infrastructure, the number and type of projects the Company will undertake, and that it will continue to seek and receive grants and low-interest loans. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including the factors discussed in the Company’s Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with the Company’s business, please refer to the Company’s annual, quarterly and other SEC filings. The Company 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.

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