New Jersey facility produced 146,000 megawatt hours of electricity in 2012.
Covanta Holding Corp., Morristown, N.J., has acquired the Camden Resource Recovery facility, located in Camden, N.J., from a subsidiary of Foster Wheeler AG, for $48.6 million. The facility is a 1,050 tons per day energy-from-waste facility, which processed around 319,000 tons of solid waste last year to produce 146,000 megawatt hours of electricity.
The facility currently has 50 employees. A spokesman for Covanta says that while there are no official expansion plans scheduled at the present time, in the future the company may look at investments to increase the metal recycling at the Camden facility.
The Camden facility provides waste management services to Camden County, N.J., and surrounding communities, while generating about 21 megawatts of renewable energy, which is sold into PJM, a regional transmission organization that coordinates the movement of wholesale electricity in all or parts of 13 states and the District of Columbia, at market rates.
“We are excited to expand our portfolio of energy-from-waste facilities with this strategic and opportunistic acquisition. We have a strong track record of successfully integrating businesses and we look forward to welcoming new clients and employees into the Covanta family,” says Anthony Orlando, Covanta's CEO and president.
Covanta Energy operates 45 energy-from-waste facilities at which it processes around 20 million tons of waste into 9 million megawatt hours of electricity and about 9 billion pounds of steam per year.