First Reserve to Put €75M into Energy-From-Waste Project
September 22, 2014
The energy infrastructure arm of First Reserve will provide a €75 million ($96 million) convertible preferred investment into Covanta Holding Corporation’s upcoming construction project of an energy-from-waste facility in Dublin, Ireland. Covanta has an agreement in place with the Dublin City Council to build, own and operate a 600,000 metric ton per year, 58 net megawatt facility. The project, estimated to cost €500 million ($642 million), is set to commence immediately with a targeted finish of late 2017. Upon completion, it will generate clean renewable energy to supply 80,000 homes. First Reserve’s investment came from its First Reserve Energy Infrastructure Fund I, which seeks to strategically partner with corporate counterparties.