Business
Texas Water Company Closes on Acquisitions of KT Water Development and KT Water Resources
Adds 570 service connections and increases water supply by approximately 40% in rapidly growing Comal County, Texas CANYON LAKE, Texas--(BUSINESS WIRE)-- The
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[{"type":"text","content":"\nAdds 570 service connections and increases water supply by approximately 40% in rapidly growing Comal County, Texas\n\n\n CANYON LAKE, Texas--(BUSINESS WIRE)--\nThe Texas Water Company, a subsidiary of SJW Group (NYSE: SJW), today announced that it has closed on the acquisitions of KT Water Development Ltd. and KT Water Resources L.P. The acquisitions will add 570 residential water service connections and an approximately 40% increase in the systemwide water supply available for current customer needs and future growth.\n\n\n“We are a pure-play water and wastewater utility, and we are eager to serve our new customers in Comal County, Texas, and deliver high-quality water and reliable service to them,” stated Eric W. Thornburg, SJW Group chair, president and CEO. Thornburg added, “One critical aspect of this acquisition is the substantial water supplies that come with KT Water Resources. Our Texas service area is experiencing sustained and rapid population growth. The approximately 40% increase in supply will enable us to serve growth in the region for years to come.”\n\n\nKT Water Development Ltd. currently serves approximately 570 customers in southern Comal County, Texas, with potential expansion opportunities of 150 connections.\n\n\nKT Water Resources L.P. is a wholesale groundwater resource supplier to KT Water Development Ltd. The acquisition of KT Water Resources L.P. significantly increases system resiliency and improves Texas Water’s position to provide ample water for projected customer growth estimated through 2070.\n\n\n“Our customers will begin seeing the benefits of our acquisition of KT Water Resources in the next two to three years,” stated Thomas Hodge, president of Texas Water Resources LLC, a nonregulated subsidiary of SJW Group in Texas that acquired the assets of KT Water Resources. Hodge added, “Integrating additional water supply from KT Water Resources to the entirety of our service area will require a substantial investment in drinking water infrastructure in the form of water treatment, pumping, distribution, and storage facilities. The design work and planning are well underway.”\n\n\nThe Public Utilities Commission of Texas approved the acquisition of KT Water Development on July 24. The acquisition of KT Water Resources did not require PUCT approval.\n\n\nThe Texas Water Company requested an applie...