GUANGZHOU, China, December 13 /PRNewswire/ --
Covanta Holding Corporation (Covanta), the leading provider of energy- from-waste solutions, today announced that is has taken a 40 percent stake in a joint venture with Guangzhou Development Industry (Holdings) Co., Ltd. (GDIH) to develop energy-from-waste projects in the Guangdong Province of Southeast China.
GDIH is one of the largest power companies in China's Guangdong Province and has extensive experience in energy and electric power development, construction, operation and management.
The new company, which will be known as Guangzhou Development Covanta Environmental Energy Co., Ltd, will design, build, own, and operate new energy-from-waste facilities throughout the region, which includes Guangdong Province and several of its major cities including Guangzhou, Shenzhen, Zhuhai, Dongguan, Zhongshan, Foshan, Huizhou, Jiangmen and Zhaoqing.
"We're excited to be partnering with GDIH to help bring sustainable energy and waste disposal solutions to the region. As one of the premier electricity suppliers in this region, GDIH offers substantial expertise and business experience that complements our strength in the energy-from-waste industry," said Covanta President and CEO Anthony Orlando. "Working together, we plan to develop new facilities to generate electricity, offset the use of fossil fuel, and reduce the amount of municipal solid waste that is landfilled. Guangdong Province produces more than 27-million tons of household waste annually and we have the know-how to convert this into clean renewable energy to help meet China's growing demand for electricity."
China generates an estimated 280 million tons of municipal solid waste annually, most of which is currently being disposed of via landfilling. The Chinese Ministry of Construction has outlined a National Waste Disposal Plan to increase energy-from-waste from 2005 levels of less than 2 percent of waste disposal to 30 percent of total municipal waste disposal by 2030.
Guangzhou Development Industry (Holdings) Co., Ltd., a listed company on the Shanghai Stock Exchange, engages in a wide range energy businesses including electric power, coal, oil products and natural gas. GDIH is one of the biggest three electric power enterprises in Guangdong Province, with extensive experience in electric power development, construction, operation and management.
Covanta Holding Corporation is an internationally recognized owner and operator of energy-from-waste and renewable energy projects. Covanta's energy-from-waste facilities convert municipal solid waste into renewable energy for numerous communities, predominantly in the United States. As a world premier operator of large-scale energy-from-waste facilities, Covanta is proud to offer an environmentally sound solution to communities' solid waste disposal needs. With more than 30 facilities worldwide, Covanta uses municipal solid waste as a fuel to generate clean, renewable energy. Covanta's modern energy-from-waste facilities safely and securely turn 15 million tons of waste into more than 8 million megawatt hours of clean renewable electricity each year and create 10 billion pounds of steam that are sold to a variety of industries. For more information, visit www.covantaholding.com.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release may constitute "forward-looking" statements as defined in Section 27A of the Securities Act of 1933 (the "Securities Act"), Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act"), the Private Securities Litigation Reform Act of 1995 (the "PSLRA") or in releases made by the Securities and Exchange Commission ("SEC"), all as may be amended from time to time. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Covanta and its subsidiaries, or industry results, to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. These cautionary statements are being made pursuant to the Securities Act, the Exchange Act and the PSLRA with the intention of obtaining the benefits of the "safe harbor" provisions of such laws. Covanta cautions investors that any forward-looking statements made by Covanta are not guarantees or indicative of future performance. Important assumptions and other important factors that could cause actual results to differ materially from those forward-looking statements with respect to Covanta, include, but are not limited to, those factors, risks and uncertainties that are described in Item 1A of its Annual Report on Form 10-K for the year ended December 31, 2006, and in securities filings by Covanta with the SEC.
Although Covanta believes that its plans, intentions and expectations reflected in or suggested by such forward-looking statements are reasonable, actual results could differ materially from a projection or assumption in any forward-looking statements. Covanta's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties. The forward-looking statements contained in this press release are made only as of the date hereof and Covanta does not have or undertake any obligation to update or revise any forward-looking statements whether as a result of new information, subsequent events or otherwise, unless otherwise required by law.
Web site: http://www.covantaholding.com
Vera Carley, Media Relations Manager, +1-973-882-2439, email@example.com, or Derek Porter, VP, External Affairs, +1-703-236-2817, firstname.lastname@example.org, both of Covanta Holding Corporation