LONDON, March 22, 2019 /PRNewswire/ -- Covanta
Holding Corporation (NYSE: CVA) ("Covanta") and Green Investment
Group Limited ("GIG") today announced that the Rookery South Energy
Recovery Facility ("Rookery") in Bedfordshire, England has reached financial
close and will commence construction. Covanta and GIG will each own
40 percent of the state-of-the-art facility, with primary waste
supplier Veolia ES (UK) Limited ("Veolia") owning the remaining 20
percent.
![Covanta Logo (PRNewsFoto/Covanta) Covanta Logo (PRNewsFoto/Covanta)](https://mma.prnewswire.com/media/77839/prn_covanta_logo.jpg)
"We are pleased to have reached this key milestone on the
Rookery project, which is a major component of our UK development
plan and the second of four initial projects to move forward with
GIG," said Covanta CEO and President Stephen J. Jones. "The Rookery project brings
into full view the capabilities of our partnership with GIG and our
commitment to the UK market, and we look forward to investing in
the local community and serving the region with much-needed
sustainable waste treatment. Rookery also marks the first project
in the UK where we will assume an operating role and we are
thrilled to contribute this core expertise to the project."
"GIG and Covanta have an ambition to deliver a joint portfolio
of world class waste management infrastructure that will reduce
landfill, lower emissions, and transform two million tonnes of
residual waste a year into heat and power for communities and
industry across the UK. I'm delighted that we get one step closer
to realising that ambition today," said Ed
Northam, Head of GIG Europe. "GIG's mission is to accelerate
the transition to a greener global economy, and I believe Rookery
can play an important role in helping the UK meet its goal of
maximising the value of our resources to create a cleaner, greener,
healthier planet."
The Rookery facility will provide 545,000 tonnes of annual
treatment capacity for non-recyclable waste, further enabling the
UK to achieve national self-sufficiency in managing waste and
compliance with landfill diversion targets. Veolia will deliver the
majority of Rookery's waste supply under a long-term contract, with
the balance of the waste sourced through other commercial,
industrial and municipal counterparties. In processing this waste,
Rookery will generate over 60 megawatts of electricity which will
be sold into the grid on a merchant basis, powering the equivalent
of over 112,500 homes.
"Veolia is excited to play its part in this major infrastructure
project of which we have now delivered 10 in the UK. We are happy
to have been able to share our expertise in technical design and
construction, as well as waste supply and energy markets
optimization, which have been integral to its success to date,"
said Gavin Graveson, Executive
Vice-President for Veolia UK & Ireland. "Rookery will provide much needed
residual waste recovery capacity, the majority of which Veolia will
be supplying from its local authority and commercial customers, to
create energy for the grid from non-recyclable waste to reduce the
need for landfill."
Construction of the facility will be led by Hitachi Zosen Inova
under a turnkey engineering, procurement and construction contract
and is expected to take approximately 36 months to complete. Over
300 jobs will be created during the construction period providing
related benefits to the local economy. Many opportunities will also
be created for the local supply chain with a commitment from the
project to purchase goods and services from local companies
wherever possible. Covanta will provide technical oversight during
construction and will supply operations and maintenance services
when the project commences operations in 2022.
About Covanta
Covanta is a world leader in providing
sustainable waste and energy solutions. Annually, Covanta's modern
Energy-from-Waste facilities safely convert approximately 22
million tons of waste from municipalities and businesses into
clean, renewable electricity to power one million homes and recycle
over 600,000 tons of metal. Through a vast network of treatment and
recycling facilities, Covanta also provides comprehensive
industrial material management services to companies seeking
solutions to some of today's most complex environmental challenges.
For more information, visit covanta.com.
About Green Investment Group and Macquarie Group
GIG
is a specialist in green infrastructure principal investment,
project delivery and the management of portfolio assets, and
related services. Its track record, expertise and capability make
it a global leader in green investment, dedicated to supporting the
growth of the global green economy.
The business was launched initially by the UK Government in 2012
as the first institution of its type in the world. The organisation
was acquired by a consortium led by Macquarie Group in 2017,
creating one of Europe's largest
teams of dedicated green infrastructure investors, and now operates
under the name Green Investment Group.
Macquarie Group Limited (Macquarie) is a diversified financial
group providing clients with asset management and finance, banking,
advisory and risk and capital solutions across debt, equity and
commodities. Founded in 1969, Macquarie employs 14,469 people in
over 25 countries. At 31 March 2018,
Macquarie had assets under management of £309.9 billion.
For more information,
visit www.greeninvestmentgroup.com and www.macquarie.com.
About Veolia
Veolia group is the global leader in optimized resource management.
With nearly 169 000 employees worldwide, the Group designs and
provides water, waste and energy management solutions that
contribute to the sustainable development of communities and
industries. Through its three complementary business activities,
Veolia helps to develop access to resources, preserve available
resources, and to replenish them.
In 2017, the Veolia group supplied 96 million people with drinking
water and 62 million people with wastewater service, produced
nearly 55 million megawatt hours of energy and converted 47 million
metric tons of waste into new materials and energy. Veolia
Environnement (listed on Paris Euronext: VIE) recorded consolidated
revenue of €25.12 billion in 2017(USD 30.1
billion). www.veolia.com.
Cautionary Note Regarding Forward-Looking
Statements
Certain statements in this press release may constitute
"forward-looking" statements as defined in Section 27A of the
Securities Act of 1933 (the "Securities Act"), Section 21E of the
Securities Exchange Act of 1934 (the "Exchange Act"), the Private
Securities Litigation Reform Act of 1995 (the "PSLRA") or in
releases made by the Securities and Exchange
Commission ("SEC"), all as may be amended from time to time.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause the
actual results, performance or achievements of Covanta Holding
Corporation, its subsidiaries and joint ventures or industry
results, to differ materially from any future results, performance
or achievements expressed or implied by such forward-looking
statements. Statements that are not historical fact are
forward-looking statements. For additional information see
the Cautionary Note Regarding Forward-Looking Statements in the
Company's 10-K, previously filed with the Securities and
Exchange Commission.
![](https://mma.prnewswire.com/media/839580/MacQuarie_GIG_Logo.jpg)
View original content to download
multimedia:http://www.prnewswire.com/news-releases/covanta-and-green-investment-group-reach-financial-close-on-the-rookery-south-energy-recovery-facility-300816924.html
SOURCE Covanta; Green Investment Group