Pennsylvania Subsidiary Buys Cove Village Assets
Aqua America, Inc. announced on Aug. 11 that its Pennsylvania subsidiary, Aqua Pennsylvania, Inc. has completed the acquisition of the water and wastewater system assets of the Cove Village Association and Cove Village Community Trust, which each serve approximately 500 people in portions of North Union and East Union townships in Schuylkill County, Pa.
The Cove Village community is immediately adjacent to Aqua's Eagle Rock and Oneida operations in Schuylkill and Luzerne counties and will be operated by Aqua's White Haven Division. The transactions represent the twelfth and thirteenth acquisitions for Aqua America companies this year.
“These acquisitions represent another opportunity for us to expand our presence in Schuylkill County where we currently serve residents in eight municipalities,” said Aqua America Chair Nicholas DeBenedictis. “The fact that we already serve adjacent areas furthers the efficiency of our operations, enabling us to control expenses and take advantage of economies of scale.”
Aqua's plans for capital investment include the immediate retrofitting of properties with state-of-the-art radio frequency water meters and future improvements to the distribution system.