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JuLY 2007

Covanta acquires two biomass energy facilities

Covanta Holding Corporation reached agreement to purchase two biomass energy facilities and a biomass energy fuel management business from The AES Corporation, all located in California’s Central Valley. These facilities will add 75 megawatts to Covanta’s portfolio of renewable energy plants, which currently includes four biomass facilities and more than 30 energy-from-waste facilities.

Covanta agreed to pay approximately $51 million for these renewable energy facilities. In addition, Covanta expects to invest $15 and $20 million in capital improvements to increase the facilities’ productivity and environmental performance. Closing of the acquisition remains subject to receipt of certain regulatory approvals which are anticipated to be received during the third quarter of 2007.