Covanta acquires two biomass energy facilities
Covanta has acquired the two nearly identical facilities, located in West Enfield and Jonesboro, for approximately $52 million, exclusive of working capital. The acquisition, which adds 49MW to Covanta's renewable energy portfolio, increases the gross electrical capacity of Covanta's biomass facilities by 35% and brings the company's total number of biomass facilities to eight. Anthony Orlando, president and CEO of Covanta, said: "We are very pleased to have completed this acquisition. 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."