Algonquin Power, the diversified and international generation, transmission and distribution of electricity company, announced this Monday it has completed the acquisition of the New York American Water Company.
Firstly, the purchase happened through Algonquin Power’s wholly-owned subsidiary Liberty Utilities. This company purchased NY American Water from American Water Works Company. The final price of the acquisition was of $608 million.
Moreover, the New York American Water has its headquarters in Merrick, New York. It is a regulated water and wastewater utility serving over 125,000 customer connections across seven counties in southeastern New York.
Furthermore, the company’s operations include 1,270 miles of water mains and distribution lines; with 98% of customers in Nassau County on Long Island.
Arun Banskota, CEO of Algonquin Power, said about the matter. “We are pleased to complete this important water utility acquisition, and to bring New York American Water’s employees and customers into the Liberty family.”
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Algonquin Power, leader in renewable energy
He also remarked. “Since announcing the transaction, we have been working closely with the New York American Water team and local authorities and regulators in an effort to facilitate a smooth transition of services, and to understand the needs of our customers in these communities.”
He also said. “We have a strong track record as a water utility owner and operator, and we are eager to bring that expertise to Long Island.”
According to the statement, after the acquisition, Liberty will bring the customer service function back to Long Island. Such a move would increase local employment and improve the quality of service provided to customers.
Finally, Algonquin Power is a diversified utility, with over $16 billion of total assets. As outlined above, it has a portfolio that covers the electric generation, transmission, and distribution utility investments to over one million customer connections, largely in the United States and Canada. It is also a leader in renewable energy with over 4 GW of installed renewable energy capacity.
