FAIRFIELD, N.J.-- Covanta Holding Corporation has entered into an agreement to purchase two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc.
The two nearly identical facilities, located in West Enfield and Jonesboro Maine, will add a total of 49 gross megawatts to Covanta's
renewable energy portfolio, which currently includes six biomass facilities and 38 Energy-from-Waste facilities. The acquisition will represent a 35% increase in gross electrical capacity from Covanta's current biomass facilities. The company intends to sell the electric output and renewable energy credits from these new facilities into the New England market.
Covanta has agreed to acquire these two facilities for approximately $87 million net of cash acquired. The transaction will be funded from cash
on hand and/or by drawing upon our existing revolving loan facility.
Closing of the acquisition remains subject to receipt of certain regulatory approvals as well as approval by Ridgewood's shareholders. These
conditions are anticipated to be met by year's end.
Covanta Holding Corporation
www.covantaholding.com
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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