New Jersey based waste to energy firm, Covanta (NYSE:CVA), is to acquire a subsidiary of Babcock & Wilcox Enterprises, Inc. (NYSE: BW) with the operating and maintenance contracts for two Energy from Waste (EfW) facilities in Palm Beach County, Florida for $45 million.
The facilities are owned by the Solid Waste Authority (SWA) of Palm Beach County and have a combined capacity of 1.7 million tonnes per year. The transaction is expected to close during the third quarter of 2018.
Stephen J. Jones, Covanta’s President and CEO said: “We are pleased to partner with the SWA on these two projects as they are a progressive special district that is committed to sustainable waste management. We look forward to demonstrating our best-in-class operating capabilities at these two high-performing, state-of-the-art facilities.”
- Palm Beach Renewable Energy Facility (PBREF) No. 1 – Originally built in 1989 and completely refurbished in 2008, PBREF No. 1 is a refuse derived fuel facility with a waste processing capacity of 795,000 tonnes per year and generates up to 60 MW of clean electricity. The facility’s operating contract expires in 2029 and includes renewal options.
- Palm Beach Renewable Energy Facility No. 2 – Completed in 2015, PBREF No. 2 is the newest energy from waste facility in the US. The million tonne per year mass burn facility generates up to 95 MW of electricity. Its operating contract expires in 2035.
- Historically, the operating and maintenance contracts for the combined facilities have generated approximately $60 million in annual revenues.
Covanta currently operates six EfW facilities in Florida with a combined 3.6 million tonnes per year of waste disposal capacity.
The company said that it expects to achieve synergies by leveraging its scale, operational expertise and in-house maintenance capabilities.
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