Waste Management completes the sale of Wheelabrator Technologies for $1.94 billion.
The private equity firm Energy Capital Partners (ECP), with offices in Short Hills, New Jersey; Houston and San Diego, has closed its $1.94 billion acquisition of Wheelabrator Technologies Inc., headquartered in Hampton, New Hampshire, from Houston-based Waste Management Inc. The deal was first announced on July 29, 2014.
Wheelabrator, which utilizes residential and business wastes for renewable energy, will operate as a stand-alone company. The company currently has 15 energy-from-waste facilities, four independent power-producing facilities, four ash monofills and three waste transfer stations. Following the completion of the deal, Waste Management will continue to supply Wheelabrator with material under long-term waste supply agreements.
Wheelabrator has an annual waste processing capacity of over 7.4 million tons, and a total combined electric generating capacity of 768 megawatts. The company’s facilities also recover metals from ash for recycling into commercial products. Additionally, the company is building an energy-from-waste facility in the U.K., which is scheduled to begin operations in 2015.
“We are pleased to join forces with Energy Capital Partners and benefit from their team’s substantial capital base, power generation expertise and experience in clean energy and environmental infrastructure,” says Mark Weidman, president and CEO of Wheelabrator. “We look forward to continued growth, and remain committed to maintaining the world-class operations and environmental services that we have provided our customers for more than 39 years.”
ECP is focused on investing in the power generation, midstream oil and gas, environmental infrastructure, renewable energy, electric transmission, and energy services sectors of North America's energy industry.
