ovanta Holding Corporation purchased the Camden Resource Recovery Facility at 600 Morgan St. in Camden, NJ from Foster Wheeler USA Corporation for $48.6 million, or about $163 per square foot.
The 297,930-square-foot facility sits on 18.8 acres and is capable of producing upwards of 146,000 megawatt hours of electricity in a year. This facility burns 1,050 tons of waste per day, converting it to usable energy.
Covanta is a waste disposal and renewable energy production company. This facility is the fourth of its kind for the company in New Jersey.
"We are excited to expand our portfolio of energy-from-waste facilities with the strategic and opportunistic acquisition. We have a strong track record of successfully integrating businesses and we look forward to welcoming new clients and employees into the Covanta family," said Anthony Orlando, Covanta's CEO and president.