MORRISTOWN, N.J., Feb. 13, 2018 /PRNewswire/ -- Covanta Holding
Corporation (NYSE:CVA) (the "Company" or "Covanta") today announced
that the Green Investment Group Limited ("GIG") has closed on its
investment in the Dublin waste to
energy project. As an initial step of the joint venture, announced
on December 18, 2017, GIG agreed to
invest €136 million for a 50% equity stake in the project. Covanta
retains ownership of the remaining 50% of the project and will
continue to operate and maintain the Dublin facility. Covanta initially expects to
use the proceeds from the transaction to reduce debt outstanding.
As projects in the joint venture's combined UK development pipeline
move to construction, the funds will be available to meet Covanta's
portion of project equity obligations.
![Covanta Logo (PRNewsFoto/Covanta) Covanta Logo (PRNewsFoto/Covanta)](https://mma.prnewswire.com/media/77839/prn_covanta_logo.jpg)
Stephen Jones, President and CEO,
Covanta said: "Closing this transaction enables Covanta to meet a
number of strategic goals, including providing funding for our
development efforts and improving our balance sheet. This
transaction further highlights our ability to recycle capital at
attractive returns, which we believe is a strategy that we can
leverage in the future. We are excited to have GIG as a partner in
this world class facility and look forward to providing a
sustainable waste solution and renewable electricity to
Dublin for decades to come."
About Covanta
Covanta is a world leader in providing sustainable waste and
energy solutions. Annually, Covanta's modern Energy-from-Waste
facilities safely convert approximately 20 million tons of waste
from municipalities and businesses into clean, renewable
electricity to power one million homes and recycle approximately
550,000 tons of metal. Through a vast network of treatment and
recycling facilities, Covanta also provides comprehensive
industrial material management services to companies seeking
solutions to some of today's most complex environmental challenges.
For more information, visit covanta.com.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), Section
21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), the Private Securities Litigation Reform Act of
1995 (the "PSLRA") or in releases made by the SEC, all as may be
amended from time to time. Such forward-looking statements involve
known and unknown risks, uncertainties and other important factors
that could cause the actual results, performance or achievements of
Covanta and its subsidiaries, or industry results, to differ
materially from any future results, performance or achievements
expressed or implied by such forward-looking statements. Statements
that are not historical fact are forward-looking statements.
Forward-looking statements can be identified by, among other
things, the use of forward- looking language, such as the words
"plan," "believe," "expect," "anticipate," "intend," "estimate,"
"project," "may," "will," "would," "could," "should," "seeks," or
"scheduled to," or other similar words, or the negative of these
terms or other variations of these terms or comparable language, or
by discussion of strategy or intentions. These cautionary
statements are being made pursuant to the Securities Act, the
Exchange Act and the PSLRA with the intention of obtaining the
benefits of the "safe harbor" provisions of such laws. Covanta
cautions investors that any forward-looking statements made by
Covanta are not guarantees or indicative of future performance.
Important assumptions and other important factors that could cause
actual results to differ materially from those forward-looking
statements with respect to Covanta include, but are not limited to,
the risks and uncertainties affecting Covanta's businesses
described in periodic securities filings by Covanta with the SEC.
Important factors, risks and uncertainties that could cause actual
results of Covanta and the JV to differ materially from those
forward-looking statements include, but are not limited to:
seasonal or long-term fluctuations in the prices of energy, waste
disposal, scrap metal and commodities; Covanta's ability to renew
or replace expiring contracts at comparable prices and with other
acceptable terms; adoption of new laws and regulations in
the United States and abroad,
including energy laws, environmental laws, tax laws, labor laws and
healthcare laws; failure to maintain historical performance levels
at Covanta's facilities and its ability to retain the rights to
operate facilities it does not own; Covanta's and the JV's ability
to avoid adverse publicity or reputational damage relating to its
business; advances in technology; difficulties in the operation of
its facilities, including fuel supply and energy delivery
interruptions, failure to obtain regulatory approvals, equipment
failures, labor disputes and work stoppages, and weather
interference and catastrophic events; difficulties in the
financing, development and construction of new projects and
expansions, including increased construction costs and delays;
limits of insurance coverage; Covanta's ability to avoid defaults
under its long-term contracts; performance of third parties under
its contracts and such third parties' observance of laws and
regulations; concentration of suppliers and customers; geographic
concentration of facilities; increased competitiveness in the
energy and waste industries; changes in foreign currency exchange
rates; limitations imposed by Covanta's existing indebtedness and
its ability to perform its financial obligations and guarantees and
to refinance its existing indebtedness; exposure to counterparty
credit risk and instability of financial institutions in connection
with financing transactions; the scalability of its business;
restrictions in its certificate of incorporation and debt documents
regarding strategic alternatives; failures of disclosure controls
and procedures and internal controls over financial reporting;
Covanta's and the JV's ability to attract and retain talented
people; Covanta's ability to utilize net operating loss
carryforwards; general economic conditions in the United States and abroad, including the
availability of credit and debt financing; and other risks and
uncertainties affecting Covanta's businesses described in periodic
securities filings by Covanta with the SEC. Although Covanta
believes that its plans, cost estimates, returns on investments,
intentions and expectations reflected in or suggested by such
forward-looking statements are reasonable, actual results could
differ materially from a projection or assumption in any
forward-looking statements. Covanta's and the JV's future financial
condition and results of operations, as well as any forward-looking
statements, are subject to change and to inherent risks and
uncertainties. The forward-looking statements contained in this
press release are made only as of the date hereof and Covanta does
not have or undertake any obligation to update or revise any
forward-looking statements whether as a result of new information,
subsequent events or otherwise, unless otherwise required by
law.
View original content with
multimedia:http://www.prnewswire.com/news-releases/green-investment-group-completes-investment-in-dublin-waste-to-energy-300597886.html
SOURCE Covanta Holding Corporation