In Less than One Year Since Acquisition, Environmental Risk Transfer Services Leader Has Successfully Executed Contracts for the Sale of 100% of Real Property Acreage and Demolition of Power Plant; Remediation of Existing Ash Ponds and Landfills Underway
Proven Environmental Risk Transfer Services Model Benefits Utility Partners, Shareholders, Local Communities and the Environment
LOUISVILLE, KY (March 2, 2022) – Charah® Solutions, Inc. (NYSE: CHRA) (the “Company”), a leading provider of environmental services and byproduct sales to the power generation industry, today announced that it has placed the final 20% of the real property acreage at the Texas Municipal Power Agency’s (TMPA) former Gibbons Creek Steam Electric Station (Gibbons Creek) in Grimes County, TX under contract. This transaction places 100% of the of the real property acreage at Gibbons Creek under contract in less than one year since the site was acquired from TMPA in February 2021. The parcels under contract include the site’s commercial and infrastructure assets such as office buildings, gas line, warehouses, rail line and access to the power distribution switchyard. 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 local investor group purchased and closed on 4,860 acres of the 6,166 acre Gibbons Creek property, including the 3,500 acre reservoir, dam and spillway, with the intent of future residential development. In October 2021, the Company completed the implosion of the retired coal-fired power plant as part of the shutdown and decommissioning process. Environmental remediation work for the existing ash ponds and landfills is underway and ahead of schedule and is expected to continue through 2023.
As previously announced, Charah Solutions, through its subsidiary Gibbons Creek Environmental Redevelopment Group, LLC (GCERG), is remediating and repositioning the property in an environmentally conscious manner that expands economic activity and benefits the surrounding communities through job creation, promotion of industry, and support of the tax base, including the Grimes County Schools. GCERG has retained Avison Young to provide real estate advisory, 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 multiple ERT projects underway, including the former B.C. Cobb Generating Facility ERT project located in Muskegon, MI, which is on schedule 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 and related facilities ERT project in Springdale and Cheswick, PA.
Charah Solutions is dedicated to preserving natural resources in an environmentally conscious manner through environmental remediation and redevelopment projects such as the Gibbons Creek project. 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, 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 regarding 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 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 www.charah.com or download our 2020 Environmental, Social and Governance (ESG) Report atcharah.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 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.