FAIRFIELD, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Covanta Holding Corporation (NYSE: CVA), a world leader in development, operation and ownership of Energy-from-Waste and renewable energy facilities, today announced that it has amended its agreement to purchase two biomass energy facilities from co-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc.
Pursuant to the amended agreement, Covanta has agreed to acquire these two facilities for approximately $52 million subject to working capital adjustments rather than $87 million net of cash acquired, as previously agreed. The transaction will be funded from cash on hand.
As part of the amended agreement, Ridgewood and Indeck must satisfy certain conditions during the first quarter of 2009. These conditions are substantially similar to the conditions to closing contained in the original acquisition agreement, and include receipt by the sellers of certain regulatory approvals as well as approval by Ridgewood's shareholders. Following Ridgewood's inability to secure shareholder approval by October 31, 2008, either party had the right to terminate the agreement; instead, the parties have entered into the amended agreement described above.
Covanta Holding Corporation (NYSE: CVA), is an internationally
recognized owner and operator of large-scale Energy-from-Waste and
renewable energy projects and a recipient of the Energy Innovator Award
from the U.S. Department of Energy's Office of Energy Efficiency and
Renewable Energy. C
|SOURCE Covanta Holding Corporation|
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