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B&W Volund awarded contracts for more than $220 million
(CHARLOTTE, N.C. – March 11, 2015) – The Babcock & Wilcox Company (B&W) NYSE :BWC) announced today that its Denmark-based subsidiary, Babcock & Wilcox Vølund A/S, has been awarded contracts totaling more than $220 million to design, manufacture and operate a biomass power plant in Rotherham, South Yorkshire, England.
B&W Vølund’s consortium partner, Interserve Strategic Projects, will construct the plant for the developer, Copenhagen Infrastructure Partners.
The Rotherham Biomass Plant will feature a B&W Vølund-designed multi-fuel boiler with a DynaGrate® fuel combustion system, a dry flue gas desulfurization system (dry FGD) and will burn waste wood to generate approximately 40 megawatts of electricity.
The contracts also call for B&W Vølund to provide operations and maintenance services for an initial term of 15 years once the plant is commissioned.
“We greatly appreciate the confidence Copenhagen Infrastructure Partners has shown in B&W and this consortium and look forward to executing this project,” said Paul Scavuzzo, B&W Senior Vice President and General Manager, Global Power Division. “The market for biomass power and waste-to-energy technologies in Europe continues to be strong, and B&W is well-positioned to meet the demand for reliable, clean energy solutions. This is B&W’s fourth major renewable energy project announced in the European market in the last seven months.”
The project was booked in the first quarter of 2015 and B&W Vølund has received a full notice to proceed with its work. Plant completion is scheduled for third quarter of 2017.
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 11,600 people, in addition to joint venture employees located at projects 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 contracts for Copenhagen Infrastructure Partners. These forward-looking statements involve a number of risks and uncertainties, including, among other things, delays or other difficulties executing the 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 its annual report on Form 10-K for the year ended December 31, 2013 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 this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.