Leader in environmental risk transfer services to demolish the existing power plant, remediate the site and redevelop the property in a sustainable way
Charah Solutions’ growing environmental risk transfer portfolio proves beneficial to utility partners, shareholders, local communities and the environment
LOUISVILLE, KY /ACCESSWIRE/April 4, 2022/Chara® Solutions, Inc. (NYSE:CHRA) (“Charah Solutions”), a leading provider of environmental and by-product recycling services to the power generation industry, today announced that it has completed the full acquisition of the Avon Lake Generating Station and adjacent property (“Avon Lake”) from GenOn and will immediately begin environmental remediation and sustainable redevelopment of the property. Avon Lake is a 627 MW coal-fired power 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 acquisition was completed today, April 4, 2022.
As part of this agreement, Charah Solutions, through its subsidiary Avon Lake Environmental Redevelopment Group, LLC (“ALERG”), acquired the 40-acre area located on Lake Erie, which consists of several parcels of land adjacent to the disused power plant. , including the generating station, submerged lands lease in Lake Erie, substation/switchgear and transformers, office and administrative structures, coal railway and storage yard parcels at south of Lake Road and the interconnection agreement. ALERG will be responsible for the shutdown and decommissioning of the coal plant and the execution of all environmental remediation and site redevelopment works. Avon Lake Power Plant Shutdown Reduces About Half a Million Tons of CO2 per year to enter the atmosphere, thereby reducing greenhouse gas emissions.
ALERG has retained Avison Young to provide real estate consultancy, development and brokerage services to advise on the redevelopment of the property in an environmentally responsible manner and for the future sale of the restored property. ALERG has also retained the services of Gensler, a world leader in architecture and planning. Working with the Town of Avon Lake, ALERG will position the property to grow economic activity and benefit surrounding communities through job creation and enable this site to provide the best potential use for the community and the town of Avon Lake. ‘Avon Lake in the future. Avison Young, Gensler, ALERG and the Town of Avon Lake have been in the planning phase for the future use of the site for several months and are focused on the best future use of the property which benefits all members of the community. community, provides increased economic activity and jobs while sustainably remediating the site for environmental improvement.
“The closing of the power plant marks the end of an era,” said Town of Avon Lake Mayor Greg Zilka. “The factory has provided jobs for residents over a period of nearly 100 years. The factory has also provided revenue to the city and schools to fund city services and educate thousands of students. We We are looking forward to a new era and the potential for a bright future is within our reach.We will make the most of this opportunity.
“The transformation of the former Cleveland Electric Illuminating Co. provides the City of Avon Lake with a historic opportunity to reclaim a strategic portion of its waterfront, giving its citizens access to a new public realm along the shoreline of Lake Erie and creating a platform for further development and growth,” said Andre Brumfield, Principal and Director of Gensler. “Gensler has developed a plan that respects and builds on the heritage and identity of the power plant site while looking forward to creating a new vision for the future of the city.”
As a leader in utility sustainability for over 30 years, Charah Solutions is dedicated to conserving natural resources in an environmentally responsible manner through environmental remediation and redevelopment projects. like this one. 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 and its customers. Charah Solutions’ sustainability services reduce greenhouse gas emissions, decrease landfill disposal, remediate land for community and commercial 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, “Our environmental risk transfer services provide a one-stop response for large-scale complex environmental solutions for our utility partners. The Avon Lake project is another example of Charah Solutions providing a personalized approach to 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.”
Images reference: These images represent scenarios for possible future use of the property to benefit all members of the community, provide increased economic activity and employment while sustainably remediating the site for environmental improvement. Multiple usage scenarios are currently being explored.
About Charah Solutions, Inc.
With over 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental and by-product recycling services 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 into power generation. . Charah Solutions also designs and implements solutions for ash pond management and closure, landfill construction, structural landfill projects, power plant remediation and site redevelopment. 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.
About the Town of Avon Lake
Nestled along the shores of Lake Erie, Lake Avon is located in northern Ohio, west of Cleveland. Our proximity to the city provides residents with convenient access to museums, professional sporting events, world-class theater and orchestral productions, and more. With a population of approximately 24,000, amenities in the town of Avon Lake include a vibrant MetroPark, an additional 220 acres of parkland, a public beach, 20 miles of bike paths, 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 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, 2021 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.
City of Avon Lake Contact
City of Avon Lake Economic Director
THE SOURCE: Sharah Solutions, Inc.
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