LONDON, Feb. 11, 2020 /PRNewswire/ -- Joint
venture partners Covanta Holding Corporation (NYSE: CVA)
("Covanta"), Biffa plc (LSE: BIFF) and Macquarie's Green Investment
Group (GIG), have today announced that the Newhurst
Energy-from-Waste ("EfW") Facility ("Newhurst") in Leicestershire, England, has reached financial
close. Covanta and GIG will together own 50 percent of the
state-of-the-art facility, with Biffa, the primary waste supplier
for the facility, owning the remaining half of the project. Covanta
will operate the facility under a long-term operations and
maintenance agreement.
"The Newhurst EfW facility will provide important sustainable
waste treatment capacity in the drive to move non-recyclable waste
away from landfill and combat climate change," said Covanta CEO and
President Stephen J. Jones. "Today's
announcement marks our third of four initial development projects
to reach financial close with Green Investment Group and our first
project with Biffa. Together, we have created a powerful
partnership that will provide meaningful returns in our pursuit to
protect tomorrow."
"Biffa has a leading role to play in developing the recycling
and energy from waste facilities that the UK needs if it is to
become a low-carbon, resource-efficient economy," added
Michael Topham, Chief Executive,
Biffa. "Reaching this milestone at the Newhurst facility, along
with our ambitious investments in recycling, are vital steps in the
delivery of our strategic investment plans. We look forward to
working with our partners to further reduce the UK's reliance on
landfill or export as a more sustainable solution for managing
non-recyclable waste."
Strategically located just off the M1 motorway in the
East Midlands, the Newhurst EfW
facility is a significant addition to the UK's waste management
infrastructure. It supports both the Government's drive to reduce
reliance on landfill and the UK's ability to treat more
non-recyclable waste without relying on export to European
facilities. The facility will use proven technology to provide up
to 350,000 tonnes of annual treatment capacity for non-recyclable
waste and will also generate up to 42 megawatts of electricity,
enough to power around 80,000 homes.
"To increase resource efficiency, we need the right
infrastructure. Together, GIG and Covanta are developing a pipeline
of projects that will form the backbone of the UK's next generation
waste management system," said Edward
Northam, Head of Green Investment Group Europe. "Our ongoing
partnership with Covanta is helping the UK reduce reliance on
landfill for non-recyclable waste, creating a cleaner, greener
environment for all. The Newhurst facility is an exciting new
addition to that partnership and our first project investing
alongside Biffa."
Construction of the facility is expected to take approximately
39 months to complete and will be led by Hitachi Zosen Innova
('HZI'), a global leader in EfW engineering and construction under
a turnkey Engineering, Procurement and Construction ('EPC')
contract. Over 300 jobs will be created during the construction
period, providing related benefits to the local economy. Many
opportunities will also be created for the local supply chain with
a commitment from the project to purchase goods and services from
nearby companies wherever possible.
The project combines Biffa's expertise and scale in waste
management and control of significant feedstocks with Covanta and
GIG's operational and development experience in EfW. Biffa will
provide 70 percent of the fuel for the facility from its existing
local waste collection services, and Covanta will supply technical
oversight during construction in addition to operations and
maintenance of the facility for an initial 20-year
term.
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 21 million tons of waste
from municipalities and businesses into clean, renewable
electricity to power one million homes and recycle over 600,000
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.
About Biffa
Biffa is the UK's leading sustainable waste management business.
We have over 8,000 employees working across more than 200 sites to
change the way people think about waste. We operate across the
waste management value chain, including the collection, treatment,
processing and disposal of waste, as well as the production and
sale of recovered commodities such as energy, paper, glass, metals
and plastic. We are first choice for customers, with our national
customer base including local authorities, large corporates and
SMEs, and purchasers of end-product commodities and energy. We are
structured into two divisions: Collections and Resources &
Energy. In FY19, the Group's total revenue was £1,091.2m and its
Underlying EBITDA was £150.7m. Biffa has been listed on the London
Stock Exchange since October 2016
under the ticker "BIFF".
For more information visit www.biffa.co.uk/
About Macquarie's Green Investment Group
Macquarie's Green Investment Group (GIG) is a specialist in
green infrastructure principal investment, project development and
delivery, green impact advisory and the management of portfolio
assets. Its track record, expertise and capability make it a global
leader in green investment and development, dedicated to
accelerating the transition to a greener global economy.
Initially launched by the UK Government in 2012 as the Green
Investment Bank, it was the first institution of its type in the
world. It was purchased by Macquarie in 2017 and combined with
Macquarie Capital's renewables team to create one of the world's
largest teams of specialist green infrastructure developers and
investors. Now operating as the Green Investment Group, the
business and its operating platforms have investments or operations
in over 25 markets, more than 400 staff and a global
development pipeline of more than 20GW.
For more information,
visit www.greeninvestmentgroup.com and www.macquarie.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 (the "Securities Act"), Section 21E of the
Securities Exchange Act of 1934 (the "Exchange Act"), the Private
Securities Litigation Reform Act of 1995 (the "PSLRA") or in
releases made by the Securities and Exchange
Commission ("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 Holding
Corporation, its subsidiaries and joint ventures 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. For additional information see
the Cautionary Note Regarding Forward-Looking Statements in the
Company's 10-K, previously filed with the Securities and
Exchange Commission.
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SOURCE Covanta Holding Corporation