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 Inc.

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.