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B&W Announces Turnover of U.K. Renewable Project to Copenhagen Infrastructure Partners K/S; Project is Third to be Turned Over in Q1 2019
(BARBERTON, Ohio – March 4, 2019) – Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W) announced today that its Denmark-based subsidiary, Babcock & Wilcox Vølund A/S (B&W Vølund) has successfully turned over operations of the Templeborough Biomass Power Plant to the customer, Copenhagen Infrastructure Partners K/S.
The plant, located in Rotherham, South Yorkshire, England, will use wood fuel to generate 42 megawatts of green electricity to supply power to approximately 78,000 homes. B&W Vølund also will provide operations and maintenance services for the plant under a 15-year agreement.
Templeborough is the third of four Renewable energy projects B&W previously announced it expects to turn over to customers in the first and second quarters of 2019. It was referred to as the “fourth project” in B&W’s previous public disclosures about its European Renewable projects. B&W announced turnover of the Dunbar Power Plant Project in the U.K. in January and turnover of the Amager Bakke / Copenhill waste-to-energy plant in Denmark on Feb. 4.
“We are extremely pleased to provide Copenhagen Infrastructure Partners with industry leading, efficient and reliable biomass-to-energy technology that will provide needed power for the region and help to meet the U.K.’s objectives for renewable energy generation,” B&W Senior Vice President Jimmy Morgan said. “The Templeborough plant is another great example of the strength of the B&W team, our proven technology and our commitment to our customers. I would like to say thanks to our entire site team led by Project Director Keith Jones.”
“I could not be more pleased to see the Templeborough project reach this important milestone,” Tim Forrest, Managing Director, Templeborough Biomass Power Plant, said. “I would like to thank all involved for the dedication they have shown in getting here, and I look forward to a successful ongoing partnership with the Babcock & Wilcox Vølund operations team at this site.”
The Templeborough plant features a B&W Vølund boiler, its state-of-the-art DynaGrate® fuel combustion system, and B&W Vølund emissions control technology. It is designed to process up to 270,000 tons of biomass each year from municipal collection points, construction sites, and other industrial and commercial sources.
Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets, and has been transforming our world for 151 years. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to our strategic objectives and current and future project execution. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to continue as a going concern; our ability to obtain and maintain sufficient financing to provide liquidity to meet our business objectives, surety bonds, letters of credit and similar financing; our ability to satisfy the liquidity and other requirements under U.S. revolving credit facility as recently amended, including our ability to receive concessions from customers on our Renewable energy loss contracts; our ability to maintain compliance with the NYSE’s continued listing criteria; the highly competitive nature of our businesses; general economic and business conditions, including changes in interest rates and currency exchange rates; general developments in the industries in which we are involved; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; our ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, joint venture partners or suppliers to perform their obligations on time and as specified; our ability to realize anticipated savings and operational benefits from our restructuring plans, and other cost-savings initiatives; our ability to successfully address productivity and schedule issues in our Renewable segment, including the ability to complete our Renewable energy projects within the expected time frame and the estimated costs; our ability to successfully partner with third parties to win and execute renewable contracts; changes in our effective tax rate and tax positions; our ability to maintain operational support for our information systems against service outages and data corruption, as well as protection against cyber-based network security breaches and theft of data; our ability to protect our intellectual property and renew licenses to use intellectual property of third parties; our use of the percentage-of-completion method of accounting; our ability to successfully manage research and development projects and costs, including our efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to our lines of business, including professional liability, product liability, warranty and other claims against us; changes in, or our failure or inability to comply with, laws and government regulations; actual or anticipated changes in governmental regulation, including trade and tariff policies; difficulties we may encounter in obtaining regulatory or other necessary permits or approvals; changes in, and liabilities relating to, existing or future environmental regulatory matters; changes in actuarial assumptions and market fluctuations that affect our net pension liabilities and income; potential violations of the Foreign Corrupt Practices Act; our ability to successfully compete with current and future competitors; the loss of key personnel and the continued availability of qualified personnel; our ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with our retirement benefit programs; social, political, competitive and economic situations in foreign countries where we do business or seek new business; the possibilities of war, other armed conflicts or terrorist attacks; the willingness of customers and suppliers to continue to do business with us on reasonable terms and conditions; and our ability to successfully consummate strategic alternatives for non-core assets, if we determine to pursue them. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see B&W’s filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.