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B&W Awarded Contract For U.K. Waste-to-Energy Plant
The Babcock & Wilcox Company (B&W) (NYSE: BWC) announced today that its Denmark-based subsidiary, Babcock & Wilcox Vølund A/S (B&W Vølund), and consortium partner Interserve Plc. were awarded a contract worth approximately $100 million to design and build a waste-to-energy power plant for waste management firm Viridor in Peterborough, United Kingdom.
The plant will be capable of processing 85,000 tons of municipal solid waste per year to produce electricity. The plant will be designed for combined heat and power purposes, and will be capable of providing steam for district heating purposes in the future.
B&W Vølund will engineer and deliver the plant's electromechanical supplies including combustion system, fuel grate, boiler, environmental control, turbine and generator and other equipment. Interserve will provide construction and project management services.
"B&W Vølund is well-positioned to capitalize on the anticipated growth of the waste-to-energy market in the U.K., as municipalities seek to comply with emissions regulations and reduce the volume of waste sent to landfills," said J. Randall Data, Babcock & Wilcox Power Generation Group, Inc. President and Chief Operating Officer. "We're appreciative of Viridor's decision to select B&W Vølund and Interserve for this project."
Project engineering is underway. The plant is scheduled to be operational in October 2015.
Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,700 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com.
About B&W Vølund
Babcock & Wilcox Vølund is among the world's leading suppliers of knowledge, technologies and equipment for incineration of waste and biomass. The company's expertise is within development and design to sales, construction and commissioning of complete energy-producing facilities. B&W Vølund is wholly owned by The Babcock & Wilcox Company.
Cautionary Statement Regarding Forward Looking Statements
B&W cautions that this release contains forward-looking statements, including statements relating to the performance, timing and value, to the extent contract value can be viewed as an indicator of future revenues, of the U.S. Naval Reactors Program contracts. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contracts. If 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 annual report on Form 10-K for the year ended December 31, 2011 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. 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.