Energy Capital Partners, a private equity firm with an office in Short Hills, N.J., has closed on its $1.94 billion acquisition of Wheelabrator Technologies Inc. from Waste Management Inc. The companies first announced a sale agreement in July.
Based in Hampton, N.H., Wheelabrator operates a garbage-to-energy conversion plant on John Walsh Boulevard in Peekskill, where it supplies steam energy to an industrial neighbor, the White Plains Linen commercial laundry plant.
Wheelabrator will operate as a stand-alone company. Waste Management will continue to be a core Wheelabrator customer under long-term waste supply agreements, a Wheelabrator spokesperson said.
Mark A. Weidman, president and CEO of Wheelabrator, in a press release said the company is “pleased to join forces with Energy Capital Partners and benefit from their team’s substantial capital base, power generation expertise, and experience in clean energy and environmental infrastructure.”
Energy Capital Partners has more than $13 billion in capital investments in the power generation, midstream oil and gas, environmental infrastructure, renewable energy, electric transmission and energy services sectors of North America’s energy industry, according to the company’s website.
Wheelabrator has an annual waste processing capacity of more than 7.4 million tons and a total combined electric generating capacity of 768 megawatts — enough energy to power more than 645,000 homes, according to the company.