Covanta Energy Corporation
NYSE : CVA

Covanta Energy Corporation

June 26, 2009 09:00 ET

Covanta Energy Releases Economic Study of Proposed Gold River Energy-From-Waste Facility

Proposed Facility Would Generate More Than $500 Million in Economic Activity

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 26, 2009) - Covanta Energy Corporation (NYSE:CVA), a world leader in the development and operation of Energy-from-Waste and other renewable energy projects, and Green Island Energy today announced the results of an economic impact study which shows 350 construction jobs and 575 indirect jobs would be created by building and operating a proposed Energy-from-Waste facility in Gold River, British Columbia.

The study, conducted by Dr. Roslyn Kunin and Associates, estimates that the redevelopment of the shuttered Gold River Pulp and Paper Mill into a state-of-the-art Energy-from-Waste facility will generate over $500 million dollars in economic activity during construction and another $30 million in economic activity annually once operational. Staffed by 130 full-time employees, the facility would be capable of converting municipal solid waste produced by Metro Vancouver and Vancouver Island into 90 megawatts of clean, renewable energy annually.

According to a recent waste management report commissioned by Metro Vancouver, an Energy-from-Waste facility located within the province is among the favored options for dealing with the region's one million tonnes of municipal solid waste that will require disposal after the Lower Mainland has achieved a recycling rate of 70 percent by 2015.

"The project will provide many benefits. First, it will have a positive environmental impact, as the facility would be using renewable resources to produce clean, reliable energy. On the economic side, the Gold River project will transform an abandoned pulp mill into a functioning facility and create stable and well-paying "green" jobs in BC, replacing vanished forestry-based jobs," said Dr. Kunin, an award-winning labour economist and forecaster and former director of the Business Development Bank of Canada. "The timing of the project is ideal in that increased economic activity, job creation and rising tax revenues are exactly what the BC economy needs right now."

In addition to providing economic opportunity, the project would significantly reduce Metro Vancouver's need to export waste to the United States, reduce the amount of waste landfilled, and reduce traffic congestion and emissions in the Lower Mainland.

"The privately financed project will create new jobs, generate critically needed clean energy, and provide flexibility for regional governments to meet their waste diversion and recycling objectives," said Seth Myones, President of Covanta Americas. "We believe the Gold River project would receive the highest ranking in a public procurement process that evaluates critical metrics such as siting, socio-economic considerations, cost, environmental impact, and First Nation support."

The project has received the endorsement of the Village of Gold River, Strathcona Regional District, Vancouver Island Health Authority and the Council of Chiefs of the Mowachaht/Muchalaht First Nations.

"This is a unique opportunity for Gold River to bring much needed employment to our community," said Craig Anderson, Mayor of Gold River. "Our local government and the entire Village of Gold River has been steadfast in its support for this project throughout the public consultation, zoning and environmental permitting process."

For more information, please visit http://www.covantaholding.com//uploads/11/File/mvbackgrounder.pdf.

About Covanta

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. Covanta's 38 Energy-from-Waste facilities provide communities with an environmentally sound solution to their solid waste disposal needs by using that municipal solid waste to generate clean, renewable energy. Annually, Covanta's modern Energy-from-Waste facilities safely and securely convert approximately 17 million tons of waste into more than 8 million megawatt hours of clean renewable electricity and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.com.

About Dr. Roslyn Kunin & Associates

Roslyn Kunin & Associates provides labour economics, business, and human resources consulting and information services to numerous government, business, and non-profit entities throughout Canada. A recipient of the Order of Canada, Dr. Kunin was a Regional Economist for the Government of Canada for 20 years, recipient on several occasions of the Association of Professional Economists of BC's Crystal Ball Award for forecasting the Canadian economy, and a former director of the Canadian Association of Business Economists. For more information, visit www.rkunin.com.

About Green Island Energy

Green Island Energy, Ltd. is a privately held Canadian company based in Vancouver, British Columbia. Its mission is to facilitate the development of clean, sustainable and economically viable energy projects. Initially, it has identified Energy-from-Waste power generation as its primary focus and is concentrating its efforts in areas that are net importers of energy and users of landfills as its primary targets for EfW development projects.

Contact Information