Covanta Holding Corporation (NYSE:CVA) announced that the Green Investment Group Limited ("GIG") has closed on its investment in the Dublin waste to energy project. As an initial step of the joint venture, announced on December 18, 2017, GIG agreed to invest €136 million for a 50% equity stake in the project. Covanta retains ownership of the remaining 50% of the project and will continue to operate and maintain the Dublin facility. Covanta initially expects to use the proceeds from the transaction to reduce debt outstanding. As projects in the joint venture's combined UK development pipeline move to construction, the funds will be available to meet Covanta's portion of project equity obligations.

Stephen Jones, President and CEO, Covanta said: "Closing this transaction enables Covanta to meet a number of strategic goals, including providing funding for our development efforts and improving our balance sheet. This transaction further highlights our ability to recycle capital at attractive returns, which we believe is a strategy that we can leverage in the future. We are excited to have GIG as a partner in this world class facility and look forward to providing a sustainable waste solution and renewable electricity to Dublin for decades to come."

About Covanta

Covanta is a world leader in providing sustainable waste and energy solutions. Annually, Covanta's modern Energy-from-Waste facilities safely convert approximately 20 million tons of waste from municipalities and businesses into clean, renewable electricity to power one million homes and recycle approximately 550,000 tons of metal. Through a vast network of treatment and recycling facilities, Covanta also provides comprehensive industrial material management services to companies seeking solutions to some of today's most complex environmental challenges. For more information, visit covanta.com.