Energy Capital Partners has agreed to acquire Wheelabrator Technologies (WTI) from Waste Management (NYSE: WM) for $1.94 billion in cash. The deal is expected to close in late 2014. Wheelabrator, which generated about $845 million in revenue last year, owns or operates 17 waste-to-energy facilities and four power-producing facilities in the U.S. that process more than 7.5 million tons of waste and have a combined electric generating capacity of 853 megawatts. As part of the deal, Waste Management will enter into a long-term agreement to supply waste to certain WTI facilities upon closing. ECP's latest fund, Energy Capital Partners III, closed at about $5 billion this past April.