B&W Announces Turnover of U.K. Renewable Project to Copenhagen Infrastructure Partners K/S; Project is Third to be Turned Ove...
March 04 2019 - 06:00AM
Business Wire
- B&W Vølund commences plant operations and
maintenance under long-term contract
Babcock & Wilcox Enterprises, Inc. (NYSE:BW) (B&W)
announced today that its Denmark-based subsidiary, Babcock &
Wilcox Vølund A/S (B&W Vølund) has successfully turned over
operations of the Templeborough Biomass Power Plant to the
customer, Copenhagen Infrastructure Partners K/S.
The plant, located in Rotherham, South Yorkshire, England, will
use wood fuel to generate 42 megawatts of green electricity to
supply power to approximately 78,000 homes. B&W Vølund also
will provide operations and maintenance services for the plant
under a 15-year agreement.
Templeborough is the third of four Renewable energy projects
B&W previously announced it expects to turn over to customers
in the first and second quarters of 2019. It was referred to as the
“fourth project” in B&W’s previous public disclosures about its
European Renewable projects. B&W announced turnover of the
Dunbar Power Plant Project in the U.K. in January and turnover of
the Amager Bakke / Copenhill waste-to-energy plant in Denmark on
Feb. 4.
“We are extremely pleased to provide Copenhagen Infrastructure
Partners with industry leading, efficient and reliable
biomass-to-energy technology that will provide needed power for the
region and help to meet the U.K.’s objectives for renewable energy
generation,” B&W Senior Vice President Jimmy Morgan said. “The
Templeborough plant is another great example of the strength of the
B&W team, our proven technology and our commitment to our
customers. I would like to say thanks to our entire site team led
by Project Director Keith Jones.”
“I could not be more pleased to see the Templeborough project
reach this important milestone,” Tim Forrest, Managing Director,
Templeborough Biomass Power Plant, said. “I would like to
thank all involved for the dedication they have shown in getting
here, and I look forward to a successful ongoing partnership with
the Babcock & Wilcox Vølund operations team at this site.”
The Templeborough plant features a B&W Vølund boiler, its
state-of-the-art DynaGrate® fuel combustion system, and B&W
Vølund emissions control technology. It is designed to process up
to 270,000 tons of biomass each year from municipal collection
points, construction sites, and other industrial and commercial
sources.
About B&WBabcock & Wilcox is a global leader in
energy and environmental technologies and services for the power
and industrial markets, and has been transforming our world for 151
years. Follow us on Twitter @BabcockWilcox and learn more at
www.babcock.com.
Forward-Looking StatementsB&W cautions that this
release contains forward-looking statements, including, without
limitation, statements relating to our strategic objectives and
current and future project execution. These forward-looking
statements are based on management’s current expectations and
involve a number of risks and uncertainties, including, among other
things, our ability to continue as a going concern; our ability to
obtain and maintain sufficient financing to provide liquidity to
meet our business objectives, surety bonds, letters of credit and
similar financing; our ability to satisfy the liquidity and other
requirements under U.S. revolving credit facility as recently
amended, including our ability to receive concessions from
customers on our Renewable energy loss contracts; our ability to
maintain compliance with the NYSE’s continued listing criteria; the
highly competitive nature of our businesses; general economic and
business conditions, including changes in interest rates and
currency exchange rates; general developments in the industries in
which we are involved; cancellations of and adjustments to backlog
and the resulting impact from using backlog as an indicator of
future earnings; our ability to perform contracts on time and on
budget, in accordance with the schedules and terms established by
the applicable contracts with customers; failure by third-party
subcontractors, joint venture partners or suppliers to perform
their obligations on time and as specified; our ability to realize
anticipated savings and operational benefits from our restructuring
plans, and other cost-savings initiatives; our ability to
successfully address productivity and schedule issues in our
Renewable segment, including the ability to complete our Renewable
energy projects within the expected time frame and the estimated
costs; our ability to successfully partner with third parties to
win and execute renewable contracts; changes in our effective tax
rate and tax positions; our ability to maintain operational support
for our information systems against service outages and data
corruption, as well as protection against cyber-based network
security breaches and theft of data; our ability to protect our
intellectual property and renew licenses to use intellectual
property of third parties; our use of the percentage-of-completion
method of accounting; our ability to successfully manage research
and development projects and costs, including our efforts to
successfully develop and commercialize new technologies and
products; the operating risks normally incident to our lines of
business, including professional liability, product liability,
warranty and other claims against us; changes in, or our failure or
inability to comply with, laws and government regulations; actual
or anticipated changes in governmental regulation, including trade
and tariff policies; difficulties we may encounter in obtaining
regulatory or other necessary permits or approvals; changes in, and
liabilities relating to, existing or future environmental
regulatory matters; changes in actuarial assumptions and market
fluctuations that affect our net pension liabilities and income;
potential violations of the Foreign Corrupt Practices Act; our
ability to successfully compete with current and future
competitors; the loss of key personnel and the continued
availability of qualified personnel; our ability to negotiate and
maintain good relationships with labor unions; changes in pension
and medical expenses associated with our retirement benefit
programs; social, political, competitive and economic situations in
foreign countries where we do business or seek new business; the
possibilities of war, other armed conflicts or terrorist attacks;
the willingness of customers and suppliers to continue to do
business with us on reasonable terms and conditions; and our
ability to successfully consummate strategic alternatives for
non-core assets, if we determine to pursue them. If one or more of
these risks or other risks materialize, actual results may vary
materially from those expressed. For a more complete discussion of
these and other risk factors, see B&W’s filings with the
Securities and Exchange Commission, including our most recent
annual report on Form 10-K 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 of this
release, and undertakes no obligation to update or revise any
forward-looking statement, except to the extent required by
applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190304005334/en/
Investors:Megan WilsonVice President, Corporate
Development & Investor RelationsBabcock &
Wilcox704.625.4944 | investors@babcock.com
Media:Ryan CornellPublic RelationsBabcock &
Wilcox330.860.1345 | rscornell@babcock.com
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