Covanta Holding Corp. (CVA), the operator waste-to-energy plants, agreed to convert about 800,000 tons of New York’s municipal solid waste a year into electricity.
The 20-year contract will take effect in 2015, the Morristown, New Jersey-based company said today in a statement. Covanta plans to transport waste from a marine transfer station in Queens to its processing sites, and expects to open a second transfer station the following year in Manhattan.
Converting garbage into energy will help New York meet a goal of diverting 75 percent of solid waste from landfills by 2030, according to a city plan. New York produces about 14 million tons of waste a year.
Covanta will invest $110 million starting this year into equipment to transport waste to local facilities, including barges, railroad cars and shipping containers.
Covanta burns waste to boil water, and uses the steam to produce electricity.
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