LONDON, Dec. 1, 2020 /PRNewswire/ -- Covanta Holding
Corporation (NYSE: CVA) ("Covanta"), Green Investment Group Limited
("GIG") and Biffa plc (LSE: BIFF) ("Biffa") today announced
financial close and the commencement of construction on the Protos
Energy Recovery Facility ("Protos ERF") in Cheshire, England. Covanta and GIG will each
own 37.5 percent of the state-of-the-art Energy-from-Waste ("EfW")
facility, with Biffa, the primary waste supplier for the facility,
owning the remaining 25 percent of the project.
"Today's announcement marks our fourth Energy-from-Waste project
in the UK with GIG and our second with Biffa, all within the last
two years, and demonstrates our sustained progress in executing on
our strategic plans to grow in this important market," said Covanta
President and CEO Michael W. Ranger.
Edward Northam, Head of GIG in
Europe said: "We are delighted to
have reached this agreement on our fourth project with Covanta.
This is another major step forward in our mutual goal to transform
two million tonnes of residual waste a year into heat and power. In
addition, the project has given us another opportunity to work
closely with Biffa to reduce waste going to landfill."
Michael Topham, Biffa's Chief
Executive commented: "We are pleased to have reached this important
milestone together with our partners and to be taking another step
towards improving the UK's waste infrastructure and creating a
low-carbon and resource-efficient economy. This project
demonstrates our commitment to helping the UK to build the
recycling and energy-from-waste infrastructure it needs to reduce
its reliance on unnecessary export or landfill of valuable
resources."
The facility will use proven technology to provide up to 400,000
tonnes of annual treatment capacity for non-recyclable waste,
further enabling the UK to achieve national self-sufficiency in
managing waste and compliance with landfill diversion targets.
Located near Ellesmere Port in Cheshire, the Protos ERF will be built within
Peel L&P Environmental's Protos energy and resource hub, a site
that clusters together innovative technologies and connects
energy-intensive operations with sources of low-carbon energy. The
facility will be capable of generating 49 megawatts, enough
low-carbon electricity to power around 90,000 homes.
Construction of the facility will be led by a joint venture
between Mytilineos S.A. and Standardkessel Baumgarte GmbH, both of
whom have a long and successful track record of delivering
infrastructure projects in the United
Kingdom and around the world. The project is expected to
provide significant economic opportunities to the local and
regional area, both during its three-year construction phase and
upon its completion.
Like the Newhurst project before it, the Protos project
consortium combines world-leading expertise in EfW operation and
development, green infrastructure investment, and waste management
and collection. Covanta will supply technical oversight during
construction and operate the facility for an initial 20-year term,
with Biffa providing the majority of the waste supply through a
long-term agreement and using the facility as a vital outlet for
non-recyclable waste.
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 500,000 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 has been at the forefront of the
UK's waste industry for over a hundred years, with operations that
span the entire breadth of the waste management process including
collection, recycling, treatment, disposal and energy generation.
We exist to change the way people think about waste; to help people
see the opportunities that exist when we manage our waste in the
right way, and to make that happen. We understand the vital role we
have to play in helping the UK to address the climate emergency and
deliver sustainable growth. This involves an ambitious investment
programme in green economy infrastructure and low carbon
collections, alongside an ongoing commitment to sector leadership
in the health, safety and wellbeing of our people. Biffa is a Great
British company. It has been listed on the London Stock Exchange
since October 2016 under the ticker
"BIFF". In March 2020, Biffa entered
the FTSE-250.
For more information, visit www.biffa.co.uk/investors
About Green Investment Group and Macquarie
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 green transition.
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 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 450 staff and a global development
pipeline of more than 25 GW.
Macquarie Group Limited (Macquarie) is a diversified financial
group providing clients with asset management and finance, banking,
advisory and risk and capital solutions across debt, equity and
commodities. Founded in 1969, Macquarie employs 15,849 people in 31
markets. At 31 March 2020, Macquarie
had assets under management of £299.7 billion.
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 and in the Company's most recent Quarterly Report on
Form 10-Q, previously filed with the Securities and Exchange
Commission.
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SOURCE Covanta Holding Corporation