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PURA approves Aquarion Water Company financing request up to $213.7 million
Summary
PURA approved Aquarion Water Company of Connecticut’s application to issue aggregated long-term debt exceeding $213 million, including $13.6 million in DWSRF loans for PFAS, VOC and lead-service-line projects and up to $200 million in unsecured bonds, with staff saying the proposal meets statutory review standards.
The Public Utilities Regulatory Authority voted June 17, 2026, to approve Aquarion Water Company of Connecticut’s application to issue long-term debt totaling more than $213 million and to accept $13.6 million in DWSRF loans for seven projects.
Authority staff member Gaitano Novello summarized the application and the authority’s review. Novello said the proposed financing has two components: $13.6 million of Drinking Water State Revolving Fund (DWSRF) loans for seven projects to address PFAS, volatile organic compounds and lead service-line inventory and replacements, and up to $200 million in unsecured bonds the company may issue in one or more series with maturities from one to 30 years. "The company's proposed use of the debt is consistent with general statute 16-43b," Novello said, and staff recommended adoption.
Novello told commissioners the company expects to issue about $50 million in notes in 2026 and $150 million in 2027 and that potential principal forgiveness of approximately $4.89 million may be available through the DWSRF program. The staff review examined fees, terms, coupon rates and overall financial impact; Novello reported the company is currently rated Baa1 by Moody's and is expected to maintain that rating after the financing.
A motion to consider the decision was moved and seconded, and a roll call vote recorded the listed commissioners voting to adopt the staff recommendation. The authority's action permits Aquarion to proceed under the terms approved; the transcript records that no participant requested a hearing in the proceeding.
Next steps: staff and Aquarion will carry out documentation and closing steps required for loan and bond issuance under the terms described in the application and as reviewed by the authority at the meeting.
