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B&W Awarded Contracts Totaling More Than $190 Million to Build and Operate U.K. Biomass Plant
(CHARLOTTE, N.C. – September 21, 2015) – Babcock & Wilcox Enterprises, Inc. (B&W) (NYSE:BW) announced today that a joint venture including its Denmark-based subsidiary, Babcock & Wilcox Vølund A/S, has been awarded a contract to design and build the Teesside Renewable Energy Plant near Middlesbrough, England. B&W Vølund also was awarded a separate contract to provide operations and maintenance services for the plant. B&W’s portions of the two contracts total more than $190 million.
B&W Vølund, through its U.K. subsidiary and a joint venture with Lagan Construction Group Limited, has contracted with Glennmont Partners to build the 40 megawatt waste wood fired biomass power plant for Port Clarence Energy Ltd.
The project scope includes a boiler and environmental controls designed by B&W Vølund and its Götaverken Miljö AB subsidiary, including a dry flue gas desulfurization system (dry FGD), fabric filter baghouse, continuous emissions monitoring equipment and a DynaGrate® fuel combustion system. The plant is designed to burn 34 tons of waste wood per hour.
“The Teesside Renewable Energy Plant will provide clean, sustainable energy for the local community, and we’re pleased B&W Vølund’s technology and expertise were chosen for the project,” said B&W Global Power Division Sr. Vice President Paul Scavuzzo. “With more than 500 biomass and waste-to-energy units installed worldwide and O&M experience, we bring unmatched capabilities to this important project.”
Project engineering is currently underway and construction is scheduled for completion in the first quarter of 2018. B&W Vølund will operate the plant under a 15-year contract.
Headquartered in Charlotte, N.C., Babcock & Wilcox is a global leader in energy and environmental technologies and services for the power and industrial markets. B&W companies employ approximately 6,000 people around the world. Follow us on Twitter @BabcockWilcox and learn more at www.babcock.com.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the scope, timing and value, to the extent value may be viewed as an indicator of future revenues, of the Teesside contracts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the Teesside contracts and adverse modifications to the contracts, including termination. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including the information statement on Form 10 and subsequent 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 this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.