Covanta Completes Acquisition of Biomass Facilities in Maine

Covanta Holding Corporation announced that its purchase of two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc. has been completed.

Covanta acquired the two nearly identical facilities, located in West Enfield and Jonesboro Maine, for approximately US $52 million, exclusive of working capital. The acquisition, which adds 49 megawatts to Covanta’s renewable energy portfolio, increases the gross electrical capacity of Covanta’s biomass facilities by 35% and brings the company’s total number of biomass facilities to eight.

“We are very pleased to have completed this acquisition,” said Anthony Orlando, president and CEO of Covanta. “These two biomass facilities strengthen and further diversify our renewable energy portfolio. They also expand our presence in New England where increasing demand and regulatory incentives have created a strong market for renewable electricity.”

RenewableEnergyWorld.com’s Stephen Lacey talked with Covanta Projects’s vice president of business development Joseph Treshler about the company’s business and its plans for the future at the Power Gen International Conference in Orlando Florida. To see this interview, play the video below.

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