The city of Westfield said Monday morning that it has agreed to sell its water and wastewater utilities to Citizens Energy Group for $91 million.
Proceeds of the sale will be used to pay the city’s entire utility infrastructure debt, which amounts to $45 million. Additional funds will be used for infrastructure projects such as the construction of roundabouts at high-traffic areas and improvements to the city’s trail system.
“The transfer of our utilities will allow us to pay off our debt, invest in needed improvements to relieve congestion and improve access, all while partnering with an experienced and trusted utility partner that will provide outstanding customer service and operational savings to hold down future water-rate increases,” Westfield Mayor Andy Cook said in a prepared statement.
Westfield announced in April that it would explore the sale of its water and wastewater utilities. A request for proposals brought three bids from private operators.
Citizens and the city of Westfield have agreed that no jobs will be lost as a result of the sale. The transaction is subject to approval by the Westfield City Council and Indiana Utility Regulatory Commission.
A series of public meetings will be held in October to provide Westfield residents more details about the sale. More information can be found at www.westfield.in.gov.
Citizens bought Indianapolis’ water and sewer utilities in 2011 for $1.9 billion.