Benzinga | Jan 20, 2022 06:34AM EST

Charah Solutions Acquires Cheswick Generating Station And Related Facilities From GenOn; No Terms Disclosed

Charah(r) 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 entered into a binding agreement to acquire the Cheswick Generating Station, the Lefever Ash Landfill and the Monarch Wastewater Treatment Facility from GenOn and will begin environmental remediation and sustainable redevelopment of the Pennsylvania properties upon closing. The asset purchase agreement with GenOn was signed in December 2021, and the full transfer will take place in early April 2022 after the Cheswick Generating Station ceases electrical generation operation. Charah Solutions has commenced the redevelopment and remediation planning efforts and will begin physical work after closing. GenOn will continue to maintain responsibility for the plant and operate the plant, the landfill and the wastewater treatment facility in the normal course of business through closing.

As part of this agreement, Charah Solutions, through three companies related to its subsidiary, Charah Environmental Redevelopment Group, LLC (CERG), will acquire the properties from GenOn Holdings, LLC, which consist of:

* The Cheswick Generating Station, a 565 MW coal-fired plant operated by GenOn, located in Springdale, PA, outside of Pittsburgh and along the Allegheny River. The 56-acre primary generating station site, along with an adjacent 27-acre parcel, consists of an operating rail line, a coal yard, bottom ash emergency and recycle ponds, waste ponds and a coal pile runoff pond, coal delivery equipment, and an ash handling parcel. CERG will be responsible for the shutdown and decommissioning of the coal power plant, the remediation of the two ash ponds and performing all environmental remediation and redevelopment work at the site. The Cheswick Generating Station is expected to be deactivated on March 31, 2022.

* The Lefever Ash Landfill located three miles northwest of the Cheswick Generating Station in Cheswick, PA. The 182-acre site, including the 50-acre landfill facility, is currently operating and provides disposal of coal combustion residuals (CCR) and residual waste from the Cheswick Generating Station under an active solid waste permit. CERG will be responsible for the closure design, remediation closure work and post closure monitoring of the landfill.

* The Monarch Wastewater Treatment Facility located on seven acres in the Borough and Township of Springdale in Allegheny County, PA. CERG will be responsible for day-to-day management and operations and for compliance with all applicable environmental regulations.