Covanta sells coal plant

Covanta Holding Corp has completed the sale of its interests in the Quezon coal-fired power plant in the Philippines to Electricity Generating PCL for $215 million.

The company said in 2010 it had plans to sell its equity interests in four fossil fuel plants in the Philippines, India and Bangladesh. The company said in a statement that it wants to focus more on its waste-to-energy business.

The sale of the interests in the four facilities is expected to generate total gross proceeds between $270 million and $290 million.

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