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Covanta reaches financial close for waste-to-energy facility in Scotland

Covanta Holding Corp. announced Dec. 18 the financial close of the under-development Earls Gate waste-to-energy facility in Grangemouth, Scotland, with Green Investment Group Ltd.

Covanta and strategic development partner GIG will each hold 25% equity in the project, while the remaining 50% will be owned by Brockwell Energy Ltd. The facility is financed approximately 70% through non-recourse project-based debt, according to a news release.

The project marks Covanta's entry into the U.K. Earlier in 2018, the company partnered with GIG on a project in Dublin.

The £210 million project will be a combined heat and power facility with 21.5 MW equivalent generation capacity. It is expected to take 36 months to complete, the company said. Constructions Industrielles de la Méditerranée will lead the construction of the project.