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July 19, 2012

PENNVEST Loan to Pennsylvania American Water Helps Expand Secure Water Services to Washington County

Filed under: Venture Capital News — admin @ 10:29 am

On the 18th of July, Pennsylvania American Water declared having received a $2.2 million low-interest loan from PENNVEST (Pennsylvania Infrastructure Investment Authority) to finance its plans of extending water services in Cecil, Independence, Jefferson, Mount Pleasant and North Franklin Township in Washington County.In these specific places the water supply is made up of springs, cisterns and private wells which are undependable sources for the residents.

The president of Pennsylvania American Water talks about improving the local facilities and offering people access to water services in order to serve their daily necessities as well as increase fire protection.

The company’s plan addresses areas with water supplies that shrank along the years. Six miles of newly built water lines will get to households as soon as the end of the month as the completion of the new main is set to be the end of 2012.

The savings earned on taking such a low-interest loan for this project have already been devoted to the upkeep and upgrade of the existing systems. Due to these advantageous terms, the water supply network of Pennsylvania American Water will expand to larger areas and will have better quality.

Pennsylvania American Water (subsidiary of American Water) is the biggest regulated supplier of water and wastewater services in Pennsylvania, serving 635,000 water customers (92% residential, 7% commercial, 1% institutional and others), 17,500 wastewater customers and approximately 2.2 million people.

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