Summary: Covanta Holding Corp.

Covanta Holding Corp. partnered with GIG in 2017 with the goal of further expanding its nonhazardous profiled waste capacity in the U.K. and Ireland. The initial partnership pipeline consisted of six potential projects, including Dublin, in which GIG purchased a 50% stake in early 2018. In December 2018, Covanta and GIG reached financial close on a 50% interest (25% each for Covanta and GIG) in their second project, Earls Gate Energy Centre. Earls Gate is an EFW facility in Grangemouth, Scotland, under construction and expected to commence operations in late 2021. For its 25% stake, Covanta is expected to invest £20 million, funded primarily with dividends from the Dublin project. Initially, Covanta expected Rookery to reach financial close prior to

...Covanta Holding Corp. partnered with GIG in 2017 with the goal of further expanding its nonhazardous profiled waste capacity in the U.K. and Ireland. The initial partnership pipeline consisted of six potential projects, including Dublin, in which GIG purchased a 50% stake in early 2018. In December 2018, Covanta and GIG reached financial close on a 50% interest (25% each for Covanta and GIG) in their second project, Earls Gate Energy Centre. Earls Gate is an EFW facility in Grangemouth, Scotland, under construction and expected to commence operations in late 2021. For its 25% stake, Covanta is expected to invest ú20 million, funded primarily with dividends from the Dublin project. Initially, Covanta expected Rookery to reach financial close prior to other projects like Earls Gate. We note that the transaction was initially delayed due to a technical challenge. The Rookery project reached financial close on March 22, 2019, and we expect it to achieve its commercial operations date (COD)...

Summary