The municipal-owned entity serves about 1,800 customers, most of whom already receive water service from New Jersey American Water.

The Fort Lee-based company involved with the manufacture sale and service of electrical transmission, distribution and on-site power generation equipment is offloading the units to middle-market private equity firm Mill Point Capital.

Debbie Albrecht will serve as vice president and general counsel for the company's Eastern Division and David Mayer as its director of government affairs for New Jersey.

Set to begin roll-out this summer, the company's update is focused on three essential pillars: Suburban Commitment, Suburban Cares and Go Green with Suburban Propane.

"The reason why we are at the forefront is because ... we are also at the forefront of the damage," said panelist Brian Lipman, litigation manager at the New Jersey Division of Rate Counsel.

According to the board, the award is the largest of its kind in the country.

In the coming months RGGI member states will vote on the Garden State's orders and formal reentry, which would allow it to participate in the group's first-quarter carbon dioxide allowance auction in March 2020.