In the 10 months since acquisition, the leader in environmental risk transfer services has successfully executed the demolition of the power plant and the sale of the property; Remediation of existing ash ponds and landfills in progress
Proven environmental risk transfer services model benefits utility partners, shareholders, local communities and the environment
LOUISVILLE, KY/ACCESSWIRE/January 18, 2022/Chara® Solutions, Inc. (NYSE: CHRA) (the “Company”), a leading provider of environmental services and by-product sales to the power generation industry, today announced that it has completed the sale of nearly 80% of the real estate acreage the Company acquired through a subsidiary in February 2021 from the Texas Municipal Power Agency (TMPA) at the former Gibbons Creek Steam Power Plant and Reservoir in Grimes County, TX. A group of local investors purchased and closed 4,860 acres of the 6,166-acre area, including the 3,500-acre reservoir, dam and spillway for the purpose of future residential development. Terms of the transaction were not disclosed.
Charah Solutions’ proven Environmental Risk Transfer (ERT) services model resulted in the sale of the property in just 10 months since acquiring the site from TMPA. In October 2021, the Company completed the implosion of the retired coal plant as part of the shutdown and decommissioning process. Environmental remediation work on the existing ash ponds and landfills is underway and ahead of schedule and is expected to continue through 2023. A contract for the sale of the remaining 20% of the real estate area, which includes the assets the site’s most valuable commercial and infrastructure assets. such as office buildings, gas line, warehouses, rail line and power distribution substation access, is expected to be announced in 2022, completing the full sale of the property.
As previously announced, Charah Solutions, through its subsidiary Gibbons Creek Environmental Redevelopment Group, LLC (GCERG), is rehabilitating and repositioning the property in an environmentally responsible manner that expands economic activity and benefits surrounding communities. through job creation, promotion of industry and support of the tax base, including Grimes County schools. GCERG has retained Avison Young to provide real estate advisory, development and brokerage services to oversee the redevelopment and future sale of the remaining 20% of the Gibbons Creek property.
An industry leader in providing ERT services to the power generation industry, Charah Solutions has several ERT projects underway, including the former BC Cobb Generating Facility ERT project located in Muskegon, MI , which is expected to be completed in 2022, as well as the recently announced Avon Lake Generating Station ERT project in Avon Lake, OH.
Charah Solutions is dedicated to preserving natural resources in an environmentally responsible manner through environmental remediation and redevelopment projects such as the Gibbons Creek project. Sustainability is a core value of Charah Solutions, 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, its customers and its investors. 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 on Charah Solutions’ commitment to sustainable practices, download our 2020 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.
According to Scott Sewell, President and CEO of Charah Solutions, “I am very pleased to have reached this important milestone at Gibbons Creek. In just 10 months, our team has successfully executed our environmental risk transfer services to benefit not only our utility partners, but also our shareholders. , local communities and the environment. This proven strategy represents one of our most innovative solutions designed to meet the changing and increasingly complex needs of utilities. Given the increased need to retire and decommission older or less economically viable generating assets over the next 20 years, we believe this service offering will continue to grow dramatically as we work with our partners. of utilities to minimize costs and maximize asset value and improve the environment. Through our personalized approach to these complex projects, we not only provide the environmental remediation expertise needed to meet the regulations but also the opportunity to redevelop the property in a fully responsible manner while creating local jobs and reducing costs for our utility partner. And as this sale represents, by matching the right potential buyers with the right assets, we plan to achieve the best possible outcome for the property and the surrounding communities.”
About Charah Solutions, Inc.
With 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and by-product sales to the power generation industry. Based in Louisville, Kentucky, Charah Solutions assists utilities and independent power producers with all aspects of the sustainable management and recycling of ash byproducts generated from burning coal in power generation. . Charah Solutions also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales and structural backfill 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 gas emissions to greenhouse effect for a cleaner energy future. For more information, please visit www.charah.com or download our 2020 Environmental, Social and Governance (ESG) Report on charah.com/sustainability.
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 fact, 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 words and phrases such as “may”, “expect”, “estimate”, “project”, “plan”, “believe”, “intend” , “achievable”, “anticipate”, “will”, “continue”, “potential”, “should”, “could” and other similar terms and expressions. These statements are based on certain assumptions made by Charah Solutions on the basis of management’s experience and perception of historical trends, current conditions, expected future developments and other factors deemed appropriate.These statements are subject to a number of assumptions, risks and uncertainties, including many are beyond Charah Solutions’ control, which may cause actual results to differ materially from those implied or expressed by forward-looking statements. See Charah Solutions’ Form 10-K for the fiscal year ended December 31, 2020 and other per odics filed with the Securities and Exchange Commission for more information on 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 necessary. by applicable law.
THE SOURCE: Sharah Solutions, Inc.
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