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.