Pennsylvania American Water Secures PENNVEST Loan to Extend Water Service to Washington County Residents
MCMURRAY, Pa.--(BUSINESS WIRE)-- Pennsylvania American Water announced today the commitment of a $2.2 million low-interest financing from the Pennsylvania Infrastructure Investment Authority (PENNVEST) for water main extension projects in Cecil, Independence, Jefferson, Mount Pleasant and North Franklin Townships in Washington County. The approximately $2.8 million project will provide the opportunity for public water service to 74 households that currently depend on unreliable private wells, springs and cisterns for water.
“We are extremely pleased with PENNVEST’s decision, because this loan will enable us to improve the quality of life for residents now living without adequate access to public water service,' said Kathy Pape, president of Pennsylvania American Water. 'When completed, the projects will provide these families with more reliable service, better water quality and improved fire protection.”
The new water lines will serve areas that have seen existing water sources adversely affected by diminishing water tables. Pennsylvania American Water will extend service to the potential customers with more than six miles of new main later this month. The company expects to complete extension of the new main by the end of this year.
Pape said, “The added benefit of PENNVEST financing is that the savings from these low-interest loans allow Pennsylvania American Water to put more capital into upgrading our other water systems.”
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), is the largest water utility in the state, providing high-quality and reliable water and/or wastewater services to approximately 2.2 million people. Founded in 1886, American Water is the largest publicly traded U.S. water and wastewater utility company. With headquarters in Voorhees, N.J., the company employs approximately 7,000 dedicated professionals who provide drinking water, wastewater and other related services to an estimated 15 million people in more than 30 states, as well as parts of Canada. More information can be found by visiting www.amwater.com.
This release contains forward looking statements, including, among others, our plan to continue our long-term strategy of capital investment in our systems. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, changes in regulations or regulatory treatment and availability and the cost of capital. We undertake no obligation to publicly update or revise any forward-looking statement.