Essential Utilities to sell three non-utility properties to Cordia for $165M

Essential Utilities announced a binding agreement to sell its three non-utility microgrid and district energy properties in Allegheny County to Cordia, a sustainability-driven energy solutions provider. The agreement is valued at $165M. The agreement covers innovative microgrids and district energy systems developed by Peoples, Essential’s gas operations subsidiary based in Pittsburgh, where the assets are located. Essential selected Cordia as the buyer for the three systems in part because of their expertise in microgrids and district energy systems, along with their established footprint in Pittsburgh. Cordia currently operates energy systems in Pittsburgh’s Uptown and North Shore neighborhoods, as well as the on-campus energy system for Duquesne University. The company’s presence in the region dates back to the 1960s. The sale of these unregulated assets, along with the recently closed West Virginia traction, demonstrate Essential’s efforts to focus on its core businesses. The company will continue to prioritize investments in infrastructure to improve safety and reliability, and to reduce emissions.