Covanta Enters Irish Waste to Energy Market

Covanta Holding Corp., an international owner and operator of large scale Energy-from-Waste and renewable energy projects, yesterday announced that it has entered into definitive agreements for the development of a 600,000 metric ton-per-year Energy-from-Waste project serving the City of Dublin, Ireland and surrounding communities.

The Dublin project, which marks Covanta’s most significant entry to date into the European waste and renewable energy markets, is being developed and will be owned by Dublin Waste to Energy Limited, which is co-owned by subsidiaries of Covanta and DONG Energy Generation A/S.

As part of the transaction, Covanta purchased a controlling stake in Dublin Waste to Energy Limited.

“This project is exactly the type of public-private partnership that we look for as we seek to grow our business in Europe,” said Anthony Orlando, President and CEO of Covanta. “It fits perfectly with our core strengths of designing, building and operating Energy-from-Waste projects, and generating clean, renewable energy from waste.”

Under the Dublin project agreements, several customary conditions must be satisfied before construction can begin, including the issuance of all required licenses and permits. The permitting process is already underway and the company anticipates that all required permits and approvals will be received to support a construction start in 2008.

Through its subsidiaries, Covanta is responsible for the design and construction of the project, which is estimated to cost approximately €300 million [US$ 410 million] and require 36 months to complete. A separate Covanta subsidiary will operate and maintain the project for Dublin Waste to Energy Limited, which has a 25-year “tip fee” type contract with the Dublin City Council to provide disposal service for approximately 320,000 metric tons of waste annually.

Covanta’s Energy-from-Waste facilities turn 15 million tons of waste into over 8 million megawatt hours of clean renewable electricity each year and create 10 billion pounds of steam that are sold to a variety of industries.

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