A New Jersey energy company on Monday acquired the business providing the majority of the heating and cooling for downtown Hartford's office buildings.
Mays Landing-based Energenic announced it completed the purchase the Hartford Steam Co., a co-generation plant on 64 Columbus Blvd. in downtown Hartford.
Founded in 1962, the Hartford Steam Co. provides heating and cooling for 14 million square feet in 60 downtown buildings, including Traveler's Tower and Hartford Hospital. The company serves 85 percent of downtown Hartford's Class A office space.
The purchase price was not disclosed.
Energenic is buying the Hartford Steam Co. from Iberdrola USA, Inc., a subsidiary of the Spain energy conglomerate Iberdrola SA. Iberdrola acquired Hartford Steam Co. in its 2008 purchase of Energy East, which is the holding company for several utilities and non-utility energy companies.
In making the purchase, Energenic is actually purchasing The Energy Network, LLC., which is the parent of Hartford Steam. The purchase also includes the TEN companies, which provides the employees for Hartford Steam; and CNE Power I, LLC, which leases the co-generation plant to Hartford Steam.