SPSA agrees to sell waste energy plant
The Southeastern Public Service Authority (SPSA) of Virginia’s
board of directors voted to reject offers to purchase
all of its assets and instead sell only its Portsmouth
waste-to-energy (WTE) plant to Wheelabrator Technologies
Wheelabrator had submitted a proposal to acquire the
assets of SPSA for approximately $240 million.
The Wheelabrator’s offer had been to acquire the waste-to-energy
plant for $150 million cash. Their offer also was to
acquire the remaining assets of SPSA, including the landfill,
transfer stations and trash trucks for $90 million.
The sale of the waste-to-energy plant is expected to
close in early 2010.