Covanta, GIG achieve fin close for 60-MW WtE facility in England

US waste and energy specialist Covanta Holding Corp (NYSE:CVA) and Green Investment Group Ltd (GIG) have reached financial close for a 60-MW waste-to-energy (WtE) project in the UK.

The project in question is the Rookery South Energy Recovery Facility in Bedfordshire, England that is designed with 545,000 tonnes of annual treatment capacity for non-recyclable waste. It is now ready to enter the construction phase and is expected to be completed in 2022.

The building works will be led by Hitachi Zosen Inova under a turnkey engineering, procurement and construction (EPC) contract. The construction of the plant is seen to create over 300 jobs. Covanta will provide technical oversight during the process.

Upon completion, the Rookery facility will be able to produce enough electricity to cover the annual consumption of more than 112,500 homes. The output will be sold into the grid on a merchant basis.

Each of Covanta and GIG own 40% of the project. The remaining 20% are held by France’s Veolia Environnement SA (EPA:VIE), which is also the primary waste supplier for the plant. The balance of the waste will be sourced through other commercial, industrial and municipal counterparties.

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