Covanta said that it has acquired the two nearly identical facilities, located in West Enfield and Jonesboro, for approximately $52 million, exclusive of working capital.
The acquisition, which adds 49MW to Covanta’s renewable energy portfolio, increases the gross electrical capacity of Covanta’s biomass facilities by 35% and brings the company’s total number of biomass facilities to eight.
Anthony Orlando, president and CEO of Covanta, said: “We are pleased to have completed this acquisition. They expand our presence in New England where the demand and regulatory incentives have created a market for renewable electricity.”
Earlier in the second week of November 2008, Covanta announced that it amended its agreement to purchase two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services. Pursuant to the amended agreement, Covanta agreed to acquire these two facilities for approximately $52 million subject to working capital adjustments rather than $87 million net of cash acquired, as previously agreed.
Covanta Holding Corporation, is an owner and operator of energy-from-waste and renewable energy projects. Its energy-from-waste facilities provide communities with an environmentally sound service to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy.
