Poolbeg Incinerator – Update September 2012

Dublin Waste to Energy Project

A report has issued to the members of Dublin City Council today
updating them on the above project. The report will be discussed at
the Council Meeting to be held on Monday next 3rd September 2012.

Members are being updated on the recently announced waste management
policy “A Resource Opportunity: Waste Management in Ireland” and how
this and the requirements of EU legislation highlight the continuing
need for the Waste to Energy facility at Poolbeg.

The members are also being advised that significant progress has been
made by Covanta on securing project financing for construction of the
plant and by Dublin City Council in dealing with the remaining
regulatory issues. In relation to the securing of project finance,
Covanta and their financial advisors are in the final throes of
negotiation with a group of banks.

Given the situation with financial markets, the due diligence procedure
is far more protracted than heretofore. For these reasons the Council
feels it is reasonable to consider an extension to the
decision/commencement date. Every effort is still being made to commence
the project before the end of the year but it will be at least four to
six weeks before the revised date can be confirmed.