Covanta (CVA) Purchases 2 Biomass Facilities in Maine

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07:50:57 pm on December 23, 2008

Covanta Holding (CVA) has closed on the acquisition of 2 biomass energy facilities in Maine for $52 million.  The purchase increases the number of Covanta biomass facilities to 8 and increases the energy output by 35%.  The facilities are wood waste facilities and convert woodchips, sawdust, bark, tree trimmings, agricultural waste and wood recovered from construction sites into energy.

“We are very pleased to have completed this acquisition,” said Anthony Orlando, President and Chief Executive Officer of Covanta. “These two biomass facilities strengthen and further diversify our renewable energy portfolio. They also expand our presence in New England where increasing demand and regulatory incentives have created a strong market for renewable electricity.”

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