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THE COMPANY THAT is contracted to building an incinerator at Poolbeg in Dublin say they are committed to the project.
The company yesterday held an investors’ conference call, where the subject of $200 million the US company holds offshore was raised a number of times.
On the call, a Covanta representative tells investors that the money is set aside to cover the “Dublin project”.
“The remaining cash that remains offshore, our hope is that we’ll have that essentially to cover our equity investment into the Dublin project. Pending, final termination of whether that project is going forward or not, we’ll keep it there, and depending on where that goes we’ll take appropriate steps.”
The rep later says that the company will “see how that plays out”.
Asked about repatriating the money, the rep says it is all down to Dublin.
“The biggest variable there of course would be Dublin, and in the event that Dublin does not end moving forward, which we hope obviously is not the case, we’ll have to assess our options at that point.”
Benefits
Officially, the company says they are committed to the project. A spokesperson told TheJournal.ie
“Construction of the project will commence once Dublin City Council receives its final approvals and we finalise project financing documentation with the consortium of funders that has been engaged. Given the extensive work effort involved in closing this complex deal we cannot comment further on the financing at this time.
“Among the many benefits of the the Poolbeg project, it will bring an investment of €500 million and 500 construction jobs over a three year period to Ireland. When operational, Poolbeg will also provide up to 100 permanent jobs, and generate energy for at least 50,000 homes.”
Folly
Green Party local election candidate and Environment Spokesperson, Malcolm Noonan, said that the investors questions showed the “folly” of the project.
“Our position from day one has been that this was the wrong project for Dublin and the wrong project for Dublin waste.
“Covanta’s investor meeting merely confirms that investors have lost faith in this project, and are now more keen to see this money funnelled back into the United States in the most efficient method possible, rather than sit waiting for a project that’s never going to happen.”
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The Green Party who are they and what benefit did they bring to this country? They are in the bin themselves with their rubbish policies.
So anyone that ever had anything to do with the green party have no right to an opinion ever?
No anyone that was thick and stupid enough to have had anything to do with the Green Party in the past should be kicked up and down the street daily for what they done to the people of Ireland for voting in the likes of Gormley, Ryan and that other gosshite who brought his kid for the photo opportunity the day Ireland was declared bankrupt, that was a man helping to run our country and in his own words could not orginaize a childminder. He should be flogged as well as kicked everyday,
Can someone tell me what that lads name was that brought his kid to work in the Dail, I think paul was the first name, thanks it’s bugging the crap out of me, sorry can’t say bugging it never happened ok
So are we just going to dump all the rubbish in the ground so? Emissions are the same eventually and fly ash can be removed from the smoke. We need a solution quickly to our waste problem in this country and thinking we can recycle our way out of the problem is delusional.
Don’t worry lads. Ireland inc. always pays foreign investors win or lose. We can’t afford to give a poor impression internationally you see.
That’s ALL that matters in Ireland.
Absolute joke from start to finish , between Tierney and Gormley they have destroyed a project that made perfect sense, both of these should be barred from holding any kind of a job and both pensions taken off them, useless as tits on a bull the pair of them
Played out well fot the council manager who oversaw the fiasco..whats his name?
Shouldn’t worry, if this weather keeps up they’ll never be able to start the burner. It will have to be built on stilts to keep it above the water line.
We should call Covanta’s bluff and declare the project is to go ahead. It might then happen that Covanta doesn’t have the resources or appetite to proceed and the contract can be torn up.
Otherwise, if whoever inherited this hospital pass from John Tierney decides to terminate the contract, Covanta I understand is to get a windfall payoff on top of all the money wasted so far.
How Tierney got to walk away from this stupid folly is beyond belief. There seems to be no commercial risk for the contracted parties, they just get to suck up public cash. Even if the project goes ahead the public have to compensate the contracted parties if there isn’t enough waste. Mind bogglingly stupid.
On that basis what confidence do we have in Tierney to run Irish Water? I’d love to know who decided he was the right man for the job.
What is the problem in this country with this project,there are similar projects all over europe without any of the paranoia generated here with every proposed developement, some right in the centre of city’s without a hitch,the fact that Dublin city council is now set for a massive fine which could run to one hundred million euro because the planning app was shot down is likely to have a negative effect on future investment,under EU rules landfill has to be be phased out to prevent soil contamination and polution of drinking water, and if not complied with more fines are on the way, it is no suprise this country has always had a major unemployment problem.
There is no problem with the project, it’s the people who don’t want it in sandymount that’s all, there is one in meath only open a couple of years and already at full capacity and generating loads of electricity,
lm group, that ‘s good news and well done to you,im not familar with the type of plant in co meath but the huge landfill waste problem in Dublin still remains,maybe you might have a chinwag with the Dublin city manager and work something out, the poolbeg debacle is just one more in a long series of waste of public funds which this country can ill afford.
Go and have a look at the one in county meath, they do guided tours of the plant, it is great to see in action, I believe each county should have there own plant and the electricity it produces should go back to public lighting
Should read ” how it pays out ” .
The Green Party and their fellow travellers are modern day Luddites, opposed to progress and the use of technology to protect the environment, encourage inward investment, create employment and generate clean electric power.
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