Covanta shares rise after company closes financing on UK facility

Covanta shares rise after company closes financing on UK facility

Shares of waste-to-energy plant operator Covanta Holding Corp. rose 0.4% Tuesday after the company said it has closed the financing on a new plant to be based in Leicestershire, England. Covanta and Macquaries’s Green Investment Group will together own 50% of the Newhurst Energy-from-Waste facility, with Biffa, its primary waste supplier, owning the remaining 50%. Covanta Chief Executive Stephen Jones said it’s the third of an initial plan for four development projects to close with GIG and the company’s first project with Biffa. The facility is expected to treat up to 350,000 tons of waste and generate up to 42 megawatts of electricity, enough to power 80,000 homes. The construction is expected to take 39 months and create about 300 jobs. BMO analyst Jeffrey Silber said more details are expected when Covanta reports earnings on Feb. 20. The analyst rates the stock as outperform with a $18 price target that is 16% above its current price. Covanta shares have gained 4.5% in 2020 to date, while the S&P 500 has gained 4.2%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Go to Source

Author: admin

I'm awesome! What else would I say about myself.