Michigan Waste Energy, a wholly-owned subsidiary of Fairfield, N.J.-based Covanta Holding Corp. (NYSE:CVA), Wednesday announced it will continue to operate the Detroit Energy-from-Waste Facility.
Covanta also announced that it has completed an agreement to purchase a 30 percent interest in the Detroit facility for an undisclosed price.
Michigan Waste Energy has operated the trash-burning plant since 1991, providing services to the city of Detroit under contract with the Greater Detroit Resource Recovery Authority.
"Covanta has consistently maintained the highest environmental, health and safety standards and we are proud to provide Detroit with a sustainable means of waste disposal while also helping the City meet its growing need for renewable power," said Covanta Americas president Seth Myones.
The plant processes approximately 800,000 tons of municipal solid waste annually, which are used to generate steam and clean, renewable electricity. Through this process, the plant has displaced more than 12 million tons of greenhouse gas emissions that would have occurred had GDRRA's waste been landfilled. The plant sells approximately 200,000 megawatt hours per year of electricity to Detroit Edison and also sells approximately 2.5 billion pounds of steam per year to Detroit Thermal, which in turn, supplies steam for heating and cooling to 70 percent of the businesses on Detroit's downtown steam loop.
The Detroit plant, which is the largest source of renewable energy in Michigan, is also one of the largest recyclers in the city. It currently recovers more than 30,000 tons of metals a year and Covanta officials said it looks forward to enhancing its recycling program with the city.
Michigan Waste Energy employs about 160 workers, 120 of which are members of Operating Engineers Union Local 547. The annual local economic impact on the Detroit economy is $25 million, $15 million of which is direct payroll for the "green" jobs sustained at the plant.
More at www.covantaholding.com.
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