Date: December 14, 2009
Source: Covanta Holding Corporation
Covanta Announces Start of Construction on the Dublin Energy-From-Waste Facility
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."
About Covanta
Covanta Holding Corporation (NYSE: CVA), is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy. Covanta's 44 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 20 million tons of waste into more than 9 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.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 general industry or broader economic performance in domestic and international markets in which Covanta operates or competes, 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 thoseforward-looking statements with respect to Covanta, include, but are not limited to, the risk that Covanta may not successfully close its announced or planned acquisitions or projects in development and those factors, risks and uncertainties that are described in periodic 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.
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