Charah Solutions Acquires Avon Lake Generating Station From GenOn For Undisclosed Sum

  • Charah Solutions Inc CHRA had agreed to acquire the Avon Lake Generating Station and adjacent property from GenOn for undisclosed financial terms.
  • Avon Lake is a 627 MW coal-fired plant operated by GenOn in 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 will demolish the existing power plant, remediate the site and sustainably redevelop the property.
  • Charah Solutions, through its subsidiary Avon Lake Environmental Redevelopment Group, LLC, will acquire the 40-acre area located on Lake Erie, which consists of multiple parcels of land adjacent to the generating plant.
  • It had cash, cash equivalents and restricted cash of $72.34 million as of March 31, 2021.
  • Price Action: CHRA shares are trading lower by 4.20% at $4.56 on the last check Monday.
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Posted In: M&ANewsPenny StocksBriefsPower Generation
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