New Jersey-based private equipment firm Energy Capital Partners (ECP) has entered into a definitive agreement to sell its Wheelabrator Technologies Inc. business to a subsidiary of the Australia-based Macquarie Group.
Macquarie Infrastructure Partners (MIP), which operates within the Macquarie Infrastructure and Real Assets division of Macquarie Group, says it will make the investment through one of its managed funds.
New Hampshire-based Wheelabrator operates 26 facilities in the United States and the United Kingdom, including 19 waste-to-energy plants, with three under construction. The company also operates three independent power plants and four ash monofill sites.
“Today’s announcement marks another important step for the company,” says Robert Boucher, president and CEO of Wheelabrator. “Over the last few years under ECP’s ownership, we have enhanced our core business here in the United States and further developed on our strong pipeline of additional waste-to-energy projects in the United Kingdom. We are confident that the long-term support from MIP will allow Wheelabrator to continue to operate as a trusted and reliable partner for its customers and continue to execute on our growth agenda.”
Adds Tyler Reeder, a partner at ECP, “We would like to express our appreciation to Bob (Boucher) and the entire Wheelabrator team for the excellent partnership we have enjoyed and the success achieved by the business under ECP’s ownership. We are confident that Wheelabrator will continue to succeed under MIP’s ownership.”
Comments Karl Kuchel, CEO of MIP, “Wheelabrator is a high-quality waste-to-energy business, with a well-diversified portfolio of assets,” says. “We look forward to partnering with Wheelabrator management and staff to ensure the ongoing success of the company in the years ahead.”
Wheelabrator also recovers metals for recycling via two metals recovery systems and another plant it refers to as an upgrade facility. The company currently has an annual waste processing capacity of more than 8 million tons, and a total combined electricity generating capacity of 782 megawatts.