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Covanta completes O&M acquisition for two Florida energy-from-waste facilities

In the United States (US), Covanta Holding Corporation (Covanta) has announced that it has successfully completed the previously announced acquisition of the business that provides operating and maintenance (O&M) services to the Solid Waste Authority (SWA) of Palm Beach County for two Energy-from-Waste (EfW) facilities located in West Palm Beach, Florida.

Completed in 2015, Solid Waste Authority’s (SWA) Palm Beach Renewable Energy Facility 2 (REF2) is a US$672 million state-of-the-art waste to energy (WTE) facility. The REF2 project is the first of its kind in more than 15 years and, according to SWA, is the most advanced and cleanest waste-to-energy power plant in North America (photo courtesy SWA).

As announced in August 2018, Covanta paid US$45 million for the O&M agreements, subject to adjustment and expects the incremental annual revenue contribution will approach US$60 million.

This acquisition is an excellent opportunity for us to apply our breadth of operating experience and maintenance capabilities to two high-performing EfW facilities in a market we know well. We look forward to building a strong and successful partnership with the Solid Waste Authority of Palm Beach County and are happy to be adding talented and experienced employees to the Covanta family, said Stephen J. Jones, President and CEO of Covanta.

Covanta now operates eight EfW facilities in Florida with a combined 5.3 million tons-per-year of waste disposal capacity.

The Solid Waste Authority of Palm Beach County has built a world-class integrated solid waste management system including two waste to energy facilities that process over 1.7 million tons of municipal solid waste each year. We look forward to our partnership with Covanta and building upon their reputation for operational excellence to further enhance the Authority’s position as a worldwide leader in sustainable solid waste management, said Mark Hammond, Executive Director of the Solid Waste Authority of Palm Beach County.

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