Benzinga | Jul 19, 2021 11:12AM EDT

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

* Charah Solutions Inc (NYSE: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.