Waste and energy services provider Covanta Holding Corp. (CVA) reported Monday that it has agreed to purchase two biomass energy facilities from joint-owners Ridgewood Maine, L.L.C. and Indeck Energy Services, Inc. for about $87 million net of cash. The company sees the acquisition to add a 35% renewable electricity generation to sell in the upcoming New England power market.
Fairfield, New Jersey-based Covanta stated that the biomass energy facilities purchase will be funded either from cash on hand or by drawing upon its existing revolving loan facility. The company said that transaction will only close after certain regulatory approvals as well as Ridgewood shareholders' approvals are received. These conditions are expected to conclude only at the end of the year, the company added.
Covanta reported that the two nearly identical facilities are located in West Enfield and Jonesboro Maine. The facilities will add a total of 49 gross megawatts to its renewable energy portfolio, which currently comprises 6 biomass facilities and 38 Energy-from-Waste facilities. Also, the company's sees its gross electrical capacity from the facilities to rise by 35%, and which it plans to sell into the attractive New England market.
Biomass energy facilities, also referred to as wood waste facilities, combust biomass to produce renewable electricity. Biomass may include woodchips, sawdust, bark, tree trimmings, agricultural waste, and wood recovered from construction demolition activities.
CVA is currently trading on the NYSE at $27.75, up $0.04, or 0.14%, with a volume of 32,280 shares.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.