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Covanta (CVA) Will Purchase Energy-to-Waste Facilities From Veolia Environmental
Covanta Holdings Corp just announced the purchase of 7 energy-from-waste facilities from Veolia Environmental. Covanta is paying $450 million in cash for the 7 facilities, which are expected to generate $60 million in operating cash flow for the company next year in 2010.
In a story posted on Reuters, the company released the following statement about the purchase:
“Each of the seven EfW businesses to be acquired includes a long-term operating contract with the respective municipal client… Collectively, these seven EfW facilities process approximately 3 million tons of waste per year,” Covanta said.
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