Date: March 24, 2008
Source: Covanta Energy Corporation
Covanta's HPOWER Celebrates Milestone
Eleven million tons and counting. That's how much municipal solid waste Covanta Honolulu Resource Recovery Venture (aka HPOWER), a subsidiary of Covanta Energy Corporation, the leading provider of energy-from-waste solutions, has processed at the HPOWER facility in the last 18 years.
Covanta Honolulu, which operates the facility for the City and County of Honolulu, recently celebrated the milestone.
"Thinking about the magnitude of what Covanta and Oahu residents have been able to save from being landfilled is astonishing," said Rodney Smith, HPOWER'S business manager. "By continuing to fulfill our mission of providing dependable solid waste disposal and clean, renewable energy for the residents of the City and County of Honolulu, we have saved about 700 acres on Oahu from being landfilled with trash."
Each day, Smith noted, the facility processes more than 2,000 tons of solid waste and while generating up to 46 megawatts of energy and up to four and a half percent of Oahu's electrical power. In addition, the amount of waste processed by the facility has already offset 480 million gallons of fuel oil that would have been burned to generate that electricity. And it has also helped prevent 11 million tons of greenhouse gases from being emitted into the atmosphere.
"I want to offer my congratulations to Covanta and our City team on achieving yet another milestone at HPOWER. Honolulu residents are fortunate to have a facility that converts waste-to-energy," said Mayor Mufi Hannemann. "It is one of the best forms of recycling and helps us to provide electricity to 40,000 homes, lessening our dependence on foreign oil. We look forward to the addition of a third boiler at HPOWER so that the City and Covanta can continue this valuable and environmentally conscious service for the people of Honolulu."
ABOUT COVANTA
Covanta Energy Corporation is a subsidiary of Covanta Holding Corporation, an internationally recognized owner and operator of energy-from-waste and renewable energy projects. Covanta's energy-from-waste facilities convert municipal solid waste into renewable energy for numerous communities, predominantly in the United States. As a world premier operator of large-scale energy-from-waste facilities, Covanta is proud to offer an environmentally sound solution to communities' solid waste disposal needs. With 34 facilities in the United States, Covanta uses municipal solid waste as a fuel to generate clean, renewable energy. Covanta's modern energy-from-waste facilities safely and securely turn 15 million tons of waste into more than 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. For more information, visit www.covantaenergy.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 and its subsidiaries, 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. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Covanta, include, but are not limited to, those factors, risks and uncertainties that are described in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2007, and in securities filings by Covanta with the SEC.
Although Covanta believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
To learn more, visit: www.honoluluhpower.com.
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