EGCO is a current partner in the Quezon project and the transaction is expected to close in the first quarter of 2011.
In June 2010, Covanta unveiled plans to sell its equity interests in four fossil fuel facilities in the Philippines, India and Bangladesh.
The Quezon facility is the first sale from that effort and represents a significant majority of the value of these non-core assets, Covanta said.
The Quezon assets being sold consist of the company’s entire interest in Covanta Philippines Operating Inc, which provides operation and maintenance services to the facility, as well as its approximately 27% ownership interest in the project company, Quezon Power.
Covanta is an owner and operator of large scale energy-from-waste and renewable energy projects.
