Covanta Completes the Acquisition of Two Biomass Energy Facilities in Maine

FAIRFIELD, N.J., Dec. 22 /PRNewswire-FirstCall/ — Covanta Holding Corporation (NYSE: CVA), a world leader in development, operation and ownership of Energy-from-Waste and renewable energy projects, today announced that its purchase of two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc. has been completed.

Covanta acquired the two nearly identical facilities, located in West Enfield and Jonesboro Maine, for approximately $52 million, exclusive of working capital. The acquisition, which adds 49 gross megawatts 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.

“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.”

The biomass energy facilities, also referred to as wood waste facilities,

combust biomass to produce renewable electricity. Biomass may include

woodchips, sawdust, bark, tree trimmings, agricultural waste, and wood

recovered from construction demolition activities.

About Covanta

Covanta Holding Corporation (NYSE: CVA), is an internationally recognized owner and operator of large-scale Energy-from-Waste and renewable energy projects and a recipient of the Energy Innovator Award from the U.S. Department of Energy’s Office of Energy Efficiency and Renewable Energy. Covanta’s 38 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta’s modern Energy-from-Waste facilities safely and securely convert approximately 16 million tons of waste into more than 8 million megawatt hours of clean, renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.com.

SOURCE Covanta Holding Corporation