Covanta, GIG reach financial close on UK energy recovery facility

Covanta

March 26, 2019 – Covanta Holding and Green Investment Group (GIG) have announced that the Rookery South Energy Recovery Facility in Bedfordshire, England, has reached financial close.

Construction is expected to begin shortly on the facility, in which Covanta and GIG will each own 40% stake, and primary waste supplier Veolia ES (UK) will own the remaining 20%.

The Rookery facility will have an annual capacity to treat 545,000 tonnes of non-recyclable waste, enabling the UK to achieve national self-sufficiency in managing waste and compliance with landfill diversion targets.

Covanta CEO and president Stephen Jones said: “The Rookery project brings into full view the capabilities of our partnership with GIG and our commitment to the UK market, and we look forward to investing in the local community and serving the region with much-needed sustainable waste treatment.”

Veolia will deliver the majority of the waste to Rookery under a long-term contract and the balance of the waste will be sourced through other commercial, industrial and municipal counterparties.

During the processing of the waste, the Rookery facility will generate more than 60MW of electricity, which will be sold into the grid on a merchant basis, powering the equivalent of more than 112,500 homes.

GIG head of Europe Ed Northam said: “GIG’s mission is to accelerate the transition to a greener global economy, and I believe Rookery can play an important role in helping the UK meet its goal of maximising the value of our resources to create a cleaner, greener, healthier planet.”

Construction will be led by Hitachi Zosen Inova under a turnkey EPC contract and is expected to be completed in 36 months.

More than 300 jobs are expected to be created during construction, providing related benefits to the local economy.

Local supply chain will also have several opportunities, as the project has committed to purchase goods and services from local companies wherever possible.

Covanta will provide technical oversight during construction and supply operations and maintenance services after the project commences operations in 2022.

Veolia executive vice president for UK and Ireland Gavin Graveson said: “Rookery will provide much needed residual waste recovery capacity, the majority of which Veolia will be supplying from its local authority and commercial customers, to create energy for the grid from non-recyclable waste to reduce the need for landfill.”

Source:-http://www.worldconstructionnetwork.com/news/covanta-gig-reach-financial-close-on-uk-energy-recovery-facility/

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