Aquarion Water Company Seeks $213M for Upgrades

0:00It's April 23rd. This is Hardford News today, driven by AI. Aquarian water company, owned by EverSource, just filed for over $213 million in new debt from Connecticut regulators. This cash would fund big upgrades to drinking water systems statewide, right as their sale to a state water authority edges closer to the finish line. The plan breaks down to up to $200 million in private, long-term notes, 50 million expected this June, and the rest by 20, 27 plus 13.7 million in low interest state loans. Nearly 5 million of those loans get forgiven outright with the rest at half-market rates. Proceeds target toxic forever. Chemicals called PFAS and 5 well fields, lead pipe replacements, and other key fixes. State officials and towns push back hard on the aquarium sale to the authority, worried it dumps long-term costs straight onto ratepayers. Aquarian pulls most water from groundwater, where PFAS hits hardest. They flag 31 of 106 wells needing treatment, with total.

1:04Spending nearing $150 million. Regulators at the public utilities, regulatory authority haven't said hearings yet on this financing push. EverSource confirms the new debt won't touch the $2.4 billion acquisition price. All eyes stay on approvals to keep clean water flowing without jacking up bills down the road.