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October 2007

Covanta acquires EnergyAnswers

Covanta Holding Corporation has agreed to purchase the operating businesses of EnergyAnswers Corporation, which includes two energy-from-waste (EfW) facilities in Massachusetts as well as several ancillary businesses.

The acquired assets include a 400 tons-per-day EfW facility located in Springfield, Massachusetts, and a 240 tons-per-day EfW facility located in Pittsfield, Massachusetts. Approximately 75 percent of waste revenues are contracted for these facilities. In addition, Covanta is acquiring businesses that include:

  • A landfill operation in Massachusetts, which is used for ash disposal.
  • Two transfer stations, one in New York and the other located at the Springfield EfW facility, permitted to transfer 500 tons per day.
  • A waste transportation and collection business operated with acquired facilities.
  • A wood and yard waste recycling operation on Cape Cod, Massachusetts.

Covanta has agreed to acquire EnergyAnswers’ businesses for cash and assumption of debt totaling $61 million, subject to working capital adjustments.