Charah Solutions Contracts Final 20% of All Real Estate Acreage at TMPA’s Former Gibbons Creek Steam Power Plant
In less than a year since acquisition, the leader in environmental risk transfer services has successfully executed contracts for the sale of 100% of the real estate area and the demolition of the power plant; 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/March 2, 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 placed the remaining 20% of the real estate area in Texas Municipal The former Power Agency (TMPA) Gibbons Creek (Gibbons Creek) Steam Generating Station in Grimes County, Texas under contract. This transaction places 100% of Gibbons Creek’s real estate acreage under contract in less than a year since acquiring the site from TMPA in February 2021. The contract parcels include the site’s commercial and infrastructure assets such as office buildings, gas line, warehouses, railway track and access to electricity distribution substation. The buyer and terms of the transaction were not disclosed.
As part of its proven Environmental Risk Transfer (ERT) services model, Charah Solutions announced in January 2021 that a group of local investors had purchased and closed 4,860 acres of the 6,166-acre Gibbons Creek property, including the 3,500 acre reservoir, dam and spillway, with the intention of future residential development. 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 existing ash ponds and landfills is ongoing and ahead of schedule and is expected to continue through 2023.
According to Scott Sewell, President and CEO of Charah Solutions, “I am very pleased that in less than a year our team has successfully executed contracts for the sale of all Gibbons Creek properties. Our proven services environmental risk transfer solutions represent one of our most innovative solutions designed to meet the changing and increasingly complex needs of utilities and benefit not only our utility partners, but also our shareholders, communities local and environmental.
“With the increased need to retire and decommission older or less economically viable generating assets over the next twenty years, we believe this service offering will continue to grow dramatically as we work with our partners in utilities to minimize costs and maximize asset value and improve the environment,” Mr. Sewell continued. “Through our personalized approach to these complex projects, we not only provide the remediation expertise of the environment necessary to meet regulations, but also the ability to redevelop the property in an environmentally responsible manner while creating local jobs and reducing costs for our utility partner.”
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 consultancy, development and brokerage services to oversee the redevelopment and sale of the 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, GenOn’s Avon Lake Generating Station ERT project in Avon Lake, OH, which was announced in July 2021, and the recently announced GenOn Cheswick Generating Station ERT project and related facilities in Springdale and Cheswick, PA.
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.
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, visit www.charah.com or download our 2020 Environmental, Social and Governance (ESG) Report at 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 the use of words and expressions such as “may”, “expect”, “estimate”, “project”, “plan”, “believe”, “intend to “, “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 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, many of which 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 reports periodicals filed with the Securities and Exchange Commission for additional 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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