On August 5, 2021, Ecofin Advisors Ltd announced that, it sent a letter on August 03, 2021 to the Board of Directors of Covanta Holding Corporation outlining why Ecofin intends to vote against the proposed acquisition of Covanta by EQT Infrastructure. Further, Ecofin stated that it disappointed to read that, the board endorsed the low offer price of $20.25 per common share, the offer price fails to capture the intrinsic value of the Company and more importantly fails to capture the substantial value creation opportunities over the next few years.