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Covanta Buys Pennsylvania Resource Recovery FacilityCovanta Buys Pennsylvania Resource Recovery Facility

Allan Gerlat

December 5, 2012

1 Min Read
Covanta Buys Pennsylvania Resource Recovery Facility

Covanta Holding Corp. has bought the Delaware Valley Resource Recovery Facility in Chester, Pa., from GE Energy Financial Services for $94 million.

"Acquiring ownership of the Delaware Valley facility is a smart financial transaction for us,” said Anthony Orlando, president and CEO of the Morristown, N.J.-based Covanta, in a news release. “In addition, we will now enjoy the benefit of ownership which we believe will open new opportunities and strengthen our client relationship with the Delaware County Solid Waste Authority."

Covanta has operated the Delaware Valley facility, previously leasing it from GE EFS. The facility has a processing capacity of about 2,700 tons per day, providing waste management service to Delaware County, Pa., and surrounding communities.

The cash transaction includes the acquisition of approximately $122 million cash collateral trust and the assumption of $64 million in facility project debt principal. The purchase was funded from cash on hand and available liquidity under the Covanta’s revolving credit facility.

About the Author(s)

Allan Gerlat

News Editor, Waste360

Allan Gerlat joined the Waste360 staff in September 2011 as news editor. He was the editor of Waste & Recycling News for the first 16 years of its history, and under his guidance the publication won 27 national and regional awards.

Before Waste & Recycling News, Allan worked at another Crain Communications publication, Rubber & Plastics News, which covers rubber product manufacturing. He began with the publication as associate editor and eventually became managing editor, a position he held for nine years.

Allan is a graduate of Ohio University, where he earned a BS in journalism. He is based in Sagamore Hills, in northeast Ohio.

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