Covanta completes the acquisition of two biomass energy facilities in Maine
Covanta Holding Corporation (NYSE: CVA), a world leader in development, operation and ownership of Energy-from-Waste and renewable energy projects, today announced that its purchase of two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc. has been completed.
Covanta acquired the two nearly identical facilities, located in West Enfield and Jonesboro Maine, for approximately $52 million, exclusive of working capital. The acquisition, which adds 49 gross megawatts 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.
“We are very pleased to have completed this acquisition, said Anthony Orlando, President and Chief Executive Officer of Covanta. “These two biomass facilities strengthen and further diversify our renewable energy portfolio. They also expand our presence in New England where increasing demand and regulatory incentives have created a strong market for renewable electricity.”
The biomass energy facilities, also referred to as wood waste facilities, combust biomass to produce renewable electricity. Biomass may include woodchips, sawdust, bark, tree trimmings, agricultural waste, and wood recovered from construction demolition activities.
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