Dec 15 2009
Covanta Holding Corporation (NYSE: CVA) ("Covanta"), an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects, today announced that it has begun construction on a new Energy-from-Waste facility in Dublin, Ireland.
The project is being built as a Public Private Partnership between Dublin City Council and Dublin Waste to Energy Limited, which is majority owned by Covanta. Through its subsidiaries, Covanta is responsible for the design and construction of the project, which will be able to process up to 600,000 tonnes of waste per year, will require approximately three years to complete and is estimated to have a total cost of approximately Euro 350 million.
Covanta will operate and maintain the project for Dublin Waste to Energy Limited, which has entered into a 25 year tip fee arrangement with four Dublin local authorities through the Dublin City Council to provide disposal services for a minimum of 320,000 tonnes of waste annually, representing over half of the facility's capacity. The remaining capacity will be contracted from the market place, as communities across Ireland reduce their dependence on landfills as required by the EU Landfill Directive which is designed to reduce harmful greenhouse gas emissions from landfills. When complete the state of the art facility will generate clean renewable electricity - providing enough power for approximately 50,000 homes as well as district heating potential for approximately 60,000 homes.
Anthony Orlando, Covanta's President and CEO stated that, "After several years of diligent planning and preparation by many people within Covanta and Dublin City Council, we're thrilled to put shovels in the ground and put people to work on this vital public private partnership. The new Energy-from-Waste facility will handle post-recycled waste to complement Dublin's recycling efforts and provide a key component of an environmentally and economically sustainable waste management program. Furthermore, the facility will serve as a new source of clean, renewable energy. This significant investment in Ireland by Covanta will deliver long-term value for both the residents of Dublin and our shareholders."
Source: http://www.covantaholding.com/