Fairfield, NJ, June 6, 2007 — Covanta Holding Corp. announced it has entered into a ten year agreement with the Harrisburg Authority to maintain and operate their 800 ton per day energy-from-waste facility located in Harrisburg, Pennsylvania.
The facility is capable of generating over 24 MW of renewable electricity and also has the ability to sell steam. Covanta now operates 32 energy-from-waste facilities domestically.
Under the agreement, Covanta will earn a base annual service fee of approximately $10.5 million, which is subject to annual escalation. Further, Covanta will receive incentive fees to increase facility production. Covanta has also entered into a construction management agreement with the Authority to manage and provide funding for certain facility improvements required to enhance facility performance. The new agreements will become effective in the next 60 days.
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