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.
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Forward-Looking Statements
B&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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Contacts:
Megan Wilson
Vice President, Corporate
Development & Investor Relations
Babcock & Wilcox
704.625.4944
| investors@babcock.com