Dive summary:
- Covanta has purchased the Delaware Valley Resource Recovery Facility in Chester, Pa., from GE Energy Financial Services (a division of General Electric) for $94 million in cash.
- The deal includes approximately $122 million cash collateral trust and the assumption of $64 million in facility project debt principal.
- Covanta had previously been leasing the Delaware Valley facility, which has a processing capacity of approximately 2,700 tons per day.
From the press release:
The Delaware Valley facility, which Covanta operates and previously leased from GE EFS, has a processing capacity of approximately 2,700 tons per day, providing sustainable waste management services to Delaware County, PA and surrounding communities.
"Acquiring ownership of the Delaware Valley facility is a smart financial transaction for us. In addition we will now enjoy the benefit of ownership which we believe will open new opportunities and strengthen our client relationship with the Delaware County Solid Waste Authority," said Anthony Orlando, Covanta's CEO and President. ...
