July 30, 2014

Two CT trash-to-energy plants to sell in $2B deal

HBJ File Photo
HBJ File Photo
Connecticut burns more of its garbage in waste-to-energy facilities like this Covanta one in Preston than any other state.

The parent company of the trash-to-energy facilities in Bridgeport and Lisbon will sell them to a New Jersey capital firm in a $1.94 billion deal that includes 21 power plants throughout the country.

Houston-based Waste Management sold its Wheelabrator Technologies division to New Jersey-based Energy Capital Partners, in a deal that is expected to close later this year following approval by the Federal Energy Regulatory Commission.

Wheelabrator operates 17 trash-to-energy facility and four power plants in the U.S., including the 67 megawatt plant in Bridgeport and the 15 megawatt plant in Lisbon. Last year, Wheelabrator generated $845 million in revenue across all its facilities.

Those two Connecticut facilities are among the six plants in the state that burn garbage to generate electricity. The others are owned by New Jersey-based Covanta Energy and the quasi-state organization Materials Innovation & Recycling Authority.

Energy Capital Partners plans on continuing to operate the plants as Waste Management did, said ECP partner Tyler Reeder on Monday.

Waste Management plans to use the money to shore up its balance sheet and drive shareholder value in the company.

Read more

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