TMCnet News
Covanta and Green Investment Group Reach Financial Close on the Rookery South Energy Recovery FacilityLONDON, 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. "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 commercil 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 About Green Investment Group and Macquarie Group 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 Cautionary Note Regarding Forward-Looking Statements 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 |