First Reserve Energy fund invests in Dublin waste to energy plant

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First Reserve Energy fund invests in Dublin waste to energy plant First Reserve will invest €75 million convertible preferred equity in a 58 MW Energy-from-Waste facility in Dublin, Ireland.

Covanta Holding Corporation, the leading firm in the consortium, executed an agreement with the Dublin City Council to build, own and operate the project on 19 September 2014.

The total project investment is estimated at €500 million (US$642 million). Macquarie Capital has served as exclusive financial advisor to Covanta in connection with structuring and raising capital for the project. The investment will be funded by a combination of third party non-recourse project financing (€300 million of project debt and €75 million First Reserve convertible preferred equity) and project equity invested by Covanta (approximately €125 million).

Mark Florian, Managing Director and Head of Infrastructure for First Reserve, commented:

After extensive efforts in partnership with Covanta, we are excited to be working together towards the development of this essential infrastructure project for Ireland. Strategically partnering with world-class corporate counterparties is a hallmark of First Reserve Energy Infrastructure Fund I, and we look forward to joining Covanta and Dublin on this important and environmentally beneficial energy infrastructure project.

The new facility will provide the Dublin region with a long-term sustainable and environmentally waste management solution, enabling it to divert post-recycled waste from landfills and become locally self-sufficient in managing waste, consistent with regional, national and EU waste policies.

The project will have a total capacity of 600,000 metric tonne per year. Facility construction is expected to take approximately three years, with commencement of operations targeted for late 2017.

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