US waste-to-energy (WtE) company Covanta Holding Corporation, which was taken private by EQT Infrastructure late last year, on Friday announced plans to separate its European business to form a standalone platform.
Covanta Europe owns and operates three plants and has a further three under construction in the UK, Ireland and Italy. Its carve-out follows EQT Infrastructure’s recent acquisition of the Green Investment Group’s 50% interest in a British joint venture with Covanta Europe that holds four WtE plants in the UK.
The US company said in a statement that the separation of its European operations will unlock significant growth potential and enable further value creation across both platforms. EQT Infrastructure will continue to own Covanta Europe.
The new standalone firm will be led by president and CEO Owen Michaelson and its new board of directors will be chaired by Philip Nolan, the current chairperson of Associated British Ports.
"In North America, we now look ahead to expanding our new sustainable waste solution service offerings and enhanced operations of our assets, such as metals recovery and Covanta Environmental Solution business lines,” said Azeez Mohammed, president and CEO at Covanta.
Choose your newsletter by Renewables Now. Join for free!