Date: October 23, 2010
Source: News Room
Covanta Holding Corp. told investors that it has written off its entire $23 million investment in a proposed EUR$200 million waste-to-energy plant for the City Dublin Ireland known as the Poolbeg Incinerator. Covanta CEO Tony Orlando said the company has "no obligation" to proceed with the project and would not begin construction until it secured the necessary funding, and only "if and when" it made sense. The move is in response to escalating attacks on the project from Ireland's Environment Minister and leader of the Irish Green Party John Gormley who said it is too big for the city's needs and plans to introduce incineration levies, that might make it prohibitively expensive. Orlando indicated that Covanta would be more likely to divert any cash reserves in the future to the British market, where he described the regulatory framework as ''very, very different . . . very well-structured'' compared to Ireland.
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