Energy Capital Partners closes on acquisition of Wheelabrator Technologies
Wheelabrator Technologies has announced the close of its $1.94 billion (€1.6 billion) acquisition by Energy Capital Partners from Waste Management. A definitive agreement for the sale was previously announced in July 2014.
Wheelabrator creates clean, renewable energy from everyday residential and business wastes, and will operate as a standalone company. Wheelabrator has a current platform of 15 energy-from-waste facilities, four independent power-producing facilities, four ash monofills and three waste transfer stations. Waste Management will continue to be a core Wheelabrator customer under long-term waste supply agreements.
'We are pleased to join forces with Energy Capital Partners and benefit from their team's substantial capital base, power generation expertise, and experience in clean energy and environmental infrastructure,' says Mark Weidman, president and CEO of Wheelabrator.
Wheelabrator has an annual waste processing capacity of over 7.4 million tonnes, and a total combined electric generating capacity of 768MW – enough energy to power more than 645,000 homes. Wheelabrator facilities also recover metals from ash for recycling into commercial products. A new energy-from-waste facility is under construction in the UK and is scheduled to begin operations in 2015.
Energy Capital Partners is focused on investing in the power generation, midstream oil and gas, environmental infrastructure, renewable energy, electric transmission, and energy services sectors of North America's energy industry.