Environmental Risk Transfer Services Leader to Demolish Existing Power Plant,
Remediate Site and Redevelop Property in a Sustainable Manner
LOUISVILLE, KY / ACCESSWIRE / July 19, 2021 / Charah® Solutions, Inc. (NYSE:CHRA) ('Charah Solutions'), a leading provider of environmental services and byproduct sales to the power generation industry, today announced that it has entered into a binding agreement to acquire the Avon Lake Generating Station and adjacent property ('Avon Lake') from GenOn and will begin environmental remediation and sustainable redevelopment of the property upon closing. Avon Lake is a 627 MW coal-fired plant operated by GenOn located in Avon Lake, Ohio, 23 miles west of Cleveland along Lake Erie. The transaction was signed in May 2021, and the full transfer will take place in early April 2022 after the plant ceases generation operation. Charah Solutions has commenced the redevelopment and remediation planning efforts and will begin physical work once the full transfer occurs. GenOn will continue to maintain responsibility for the plant and operate the plant in the normal course of business through closing.
As part of this agreement, Charah Solutions, through its subsidiary Avon Lake Environmental Redevelopment Group, LLC ('ALERG'), will acquire the 40-acre area located on Lake Erie, which consists of multiple parcels of land adjacent to the generating plant, including the generating station, submerged lands lease in Lake Erie, substation/switch gear and transformers, administrative offices and structures, coal rail and storage yard parcels south of Lake Road as well as the interconnection agreement. ALERG will be responsible for the shutdown and decommissioning of the coal power plant and performing all environmental remediation and redevelopment work at the site.
ALERG has retained Avison Young to provide real estate advisory, development, and brokerage services to oversee the redevelopment of the property in an environmentally conscious manner and future sale of the remediated property. Working with the City of Avon Lake, ALERG will position the property to expand economic activity and benefit the surrounding communities through job creation and enable this site to provide the best potential use for the community and City of Avon Lake moving forward. ALERG is already in discussions with the City of Avon Lake regarding the best use for the future of the property that benefits all members of the community, provides increased economic activity and jobs while sustainably remediating the site for the betterment of the environment.
'This is the end of an era, and it reflects the changes occurring in our nation and around the world,' states City of Avon Lake Mayor Greg Zilka. 'We're excited about a once-in-a-lifetime opportunity for a transformational redevelopment for Avon Lake that will open up a 40-acre site on Lake Erie to the public, while we also take a big step forward in cleaning up our environment and improving the quality of life for our community.'
As a sustainability leader in utility services for over 30 years, Charah Solutions is dedicated to preserving natural resources in an environmentally conscious manner through environmental remediation and redevelopment projects such as this. Sustainability is a Charah Solutions core value, and Charah Solutions focuses its business on developing innovative solutions to complex environmental issues for the betterment of the planet, the communities in which it operates and its customers. Charah Solutions sustainability services reduce greenhouse gas emissions, decrease landfill disposal, remediate land for community and business use, conserve natural resources, and protect waterways. For more information regarding Charah Solutions' commitment to sustainable practices, download our 2020 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.
According to Scott Sewell, Charah Solutions President and CEO, 'Our Environmental Risk Transfer services are innovative and sustainable solutions designed by Charah Solutions to meet the evolving and increasingly complex needs of our utility partners to lower their costs and meet their environmental commitments. Many utilities are experiencing an increased need to retire and decommission older or less economically viable generating assets while minimizing costs and maximizing the value of the assets and improving the environment. Our unique scale to provide a single-source answer for large-scale, complex environmental solutions continues to be a leading solution for our utility partners. The Avon Lake project is another example of Charah Solutions providing a custom approach for these complex projects while sustainably remediating the site and redeveloping the property in an environmentally responsible manner that creates economic and environmental benefits for the entire community.'
About Charah Solutions, Inc.
With 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct sales to the power generation industry. Based in Louisville, Kentucky, Charah Solutions assists utilities and independent power producers with all aspects to sustainably manage and recycle ash byproducts generated from the combustion of coal in the production of electricity. Charah Solutions also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales, and structural fill projects. Charah Solutions is the partner of choice for solving customers' most complex environmental challenges, and as an industry leader in quality, safety, and compliance, Charah Solutions is committed to reducing greenhouse gas emissions for a cleaner energy future. For more information, please visit, please visit www.charah.com or download our 2020 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.
About the City of Avon Lake
Nestled along the shores of Lake Erie, Avon Lake is located in Northern Ohio, west of Cleveland. Our close proximity to the city gives residents convenient access to museums, professional sporting events, world-class theater and orchestra productions, and so much more. With a population of approximately 24,000, the City of Avon Lake amenities include a vibrant MetroPark, 220 additional acres of parklands, a public beach, 20 miles of bike trails, and a boat launch. Residents can also enjoy a municipal swimming pool, golf courses, tennis courts, youth sports, and adult sports.
This press release contains 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 facts, included in this press release that address activities, events or developments that Charah Solutions expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as 'may,' 'expect,' 'estimate,' 'project,' 'plan,' 'believe,' 'intend,' 'achievable,' 'anticipate,' 'will,' 'continue,' 'potential,' 'should,' 'could,' and similar terms and phrases. These statements are based on certain assumptions made by Charah Solutions based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Charah Solutions, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. See Charah Solutions' Form 10-K for the fiscal year ended December 31, 2020 and other periodic reports as filed with the Securities and Exchange Commission for further information regarding risk factors.
Any forward-looking statement speaks only as of the date on which such statement is made, and Charah Solutions undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
City of Avon Lake Contact
City of Avon Lake Economic Director
SOURCE: Charah Solutions, Inc.
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