MORRISTOWN, N.J., Sept. 8, 2016 /PRNewswire/ -- Covanta (NYSE: CVA), a world leader in sustainable waste and energy solutions, today announced new waste supply agreements for the Dublin Waste-to-Energy Facility that put 90 percent of the facility's waste processing capacity under contract. The latest agreements with leading waste collection companies in Ireland vary in duration with an average term of nine years.
"We are very pleased to have locked up the majority of the waste supply needed for the Dublin project as we gear up for facility commissioning in 2017," said Covanta President and CEO Stephen J. Jones. "After securing 60 percent of the waste earlier this year, we held a tender for the remaining waste and saw very strong local market demand for the facility's capacity. The strong interest from waste collectors is recognition of the cost competitive solution the facility will provide the Irish market, in addition to the significant environmental benefits."
The Dublin Waste-to-Energy project is a Public Private Partnership (PPP) between Covanta and Dublin City Council (acting on behalf of the four Dublin Local Authorities) that will provide the Dublin region with a long-term sustainable and environmentally-superior waste management solution. The facility will divert post-recycled waste from landfills and reduce exportation, allowing Dublin to become locally self-sufficient in managing waste, consistent with regional, national and EU waste policies.
When complete, the Dublin facility will process approximately 600,000 metric tonnes of waste annually and will generate clean energy to supply 80,000 homes, reducing Ireland's reliance on imported fossil fuel. The facility has also been designed with technology and infrastructure to provide enough heat to meet the equivalent needs of over 50,000 homes if a district heating system is implemented in the future.
Construction of the facility continues to progress on schedule and is approximately 70 percent complete. Commercial operations will commence in late 2017.
For more information on the Dublin Waste-to-Energy project, visit dublinwastetoenergy.ie.
Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste facilities safely convert approximately 20 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle approximately 500,000 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.
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 and its subsidiaries ("Covanta") 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.
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