9/28/2021 Company News

Ecofin Reiterates Contention of Inequitable Transaction Price of Covanta Holding by EQT Infrastructure


LONDON – September 28, 2021 – Ecofin Advisors Ltd (“Ecofin”) and its affiliates continue to advocate positive results for all shareholders by further engagement through a letter expressing Ecofin’s intent and its justification for voting against the merger proposal between Covanta Holding Corporation (“Covanta”) and EQT Infrastructure (“EQT”). Read the initial letter sent to the Covanta Board here.

“In addition to the arguments laid out in our first letter, our conviction about the inadequacy of the offer has been fortified following the receipt of additional information included in the proxy materials dated September 2, 2021”, said Michel Sznajer, Portfolio Manager at Ecofin. “We further believe EQT should make a fairer offer or Covanta should continue as an independent company in order to harvest the expected value creation opportunities over the next few years.”

Read Ecofin’s follow-on engagement letter to the Board here.

About Ecofin

Ecofin is a sustainable investment firm dedicated to uniting ecology and finance. Our mission is to generate strong risk-adjusted returns while optimizing investors’ impact on society. We are socially-minded, ESG-attentive investors, harnessing years of expertise investing in sustainable infrastructure, energy transition, clean water & environment and social impact. Our strategies are accessible through a variety of investment solutions and seek to achieve positive impacts that align with UN Sustainable Development Goals by addressing pressing global issues surrounding climate action, clean energy, water, education, healthcare and sustainable communities. Ecofin Investments, LLC is the parent of registered investment advisers Ecofin Advisors, LLC and Ecofin Advisors Limited (collectively "Ecofin"). Learn more at www.ecofininvest.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although Ecofin believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, Ecofin does not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contact Information

For more information contact Maggie Zastrow at (913) 981-1020 or info@tortoiseecofin.com.