Covanta Amends Acquisition of Maine Biomass Facilities

Covanta Holding Corp., Fairfield, N.J., has amended its agreement to acquire two biomass facilities from co-owners Ridgewood Maine and Indeck Energy Services. Covanta will pay $52 million, subject to working capital adjustments, instead of $82 million net of cash acquired.

The new transaction will be funded by cash on hand. The original agreement failed to get approval from Ridgewood’s shareholders.