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Covanta closes sale of China assets for cash, interest

Covanta HoldingCorp. on Oct. 3 said it has sold about 90% of its ownership stakein Chongqing Sanfeng Environmental Industrial Group Co. Ltd. to CITICEnvironment.

The company in March also closed a to swap its existing project equityinterest in three energy-from-waste facilities in China for about a 15%interest in Sanfeng Environment. Cash proceeds from the sale totaledapproximately $100 million.

"We've already utilized approximately half of theproceeds to repay revolver borrowings, and the remaining cash will give usadditional flexibility to consider several options, including furthering ourpipeline of growth opportunities in the United States, China and otherinternational markets," said Covanta President and CEO Stephen Jones in acompany statement.

The companies launched a joint venture in 2007 andparticipated together in the China energy-from-waste market through project andtechnology development, construction and O&M services, and equipmentsupply.

CITIC Environment is a subsidiary of and ultimately owned byCITIC Group Corp.