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Charah Solutions Finalizing Execution of Agreement with TMPA for the Acquisition, Remediation and Redevelopment of Gibbons Creek Steam Electric Station and Reservoir
Will Provide Turnkey Environmental Risk Transfer Services to Remediate Existing Ash Ponds and Landfills and Redevelop Property; The Coal Plant Will Not Be Restarted and Will Begin the Decommissioning Process
LOUISVILLE, KY (September 24, 2020) – Charah® Solutions, Inc. (NYSE: CHRA) (the “Company”), a leading provider of environmental and maintenance services to the power generation industry, today announced that it is negotiating an Asset Purchase Agreement with the Texas Municipal Power Agency (TMPA) to acquire, remediate and redevelop the Gibbons Creek Steam Electric Station and Reservoir in Grimes County, Texas (“Gibbons Creek”). TMPA, which was created to supply electricity on a wholesale basis to its member cities of Bryan, Denton, Garland and Greenville, operated Gibbons Creek from its construction in 1982 until 2018.
As part of this agreement, Charah Solutions, through its subsidiary Gibbons Creek Environmental Redevelopment Group, LLC (GCERG), will take ownership of the 6,166 acre area which includes the closed power station, the 3,500 acre reservoir, dam and spillway and assume all environmental responsibilities. GCERG will be responsible for the shutdown and decommissioning of the coal power plant as well as performing all environmental remediation work for the site landfills and ash ponds.
As a sustainability leader in utility services for over 30 years, Charah Solutions is dedicated to preserving natural resources in an environmentally conscious manner through projects such as this with TMPA. Sustainability is a Charah Solutions core value, and the Company 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.
According to Scott Sewell, Charah Solutions President and CEO, “Our Environmental Risk Transfer services represent an innovative solution designed to meet the evolving and increasingly complex needs of our utility partners. Many utilities are experiencing an increased need to retire and decommission older or less economically viable generating assets while minimizing costs and maximizing the value of the assets and improving the environment. This is a perfect example of Charah Solutions providing a custom approach for these complex projects, as we are able to provide not only the environmental remediation expertise needed to meet regulations but also bring the right partners to the table to redevelop the property while creating local jobs and lowering the cost for our utility partner.”
GCERG’s site redevelopment options do not include a restart of the coal plant but do include renewable energy, agricultural, commercial or industrial redevelopment opportunities. The Gibbons Creek Reservoir RV Park and campground will continue to operate going forward as it is a very popular recreational destination for local lake enthusiasts, regularly drawing over 200 people per day.
“We are pleased to work with Charah Solutions to reduce the environmental risk and costs for TMPA and its member cities and ratepayers while redeveloping the plant and property to expand economic activity and support the tax base, including the Grimes County Schools,” said Bob Kahn, TMPA General Manager. “The transaction will save member cities millions in expenses associated with decommissioning and environmentally remediating the plant site.”
About Charah Solutions, Inc.
With 30 years of experience, Charah® Solutions, Inc. is a leading provider of environmental and maintenance services to the power generation industry, with operations in fossil fuel and nuclear power generation sites across the country. Based in Louisville, Kentucky, Charah Solutions assists utilities with all aspects of managing and recycling ash byproducts generated from the combustion of coal in the production of electricity as well as routine power plant maintenance and outage services for the fossil fuel and nuclear power generation industry. The Company also designs and implements solutions for ash pond management and closure, landfill construction, fly ash sales, and structural fill projects. Charah Solutions is the partner of choice for solving customers’ most complex environmental challenges, and as an industry leader in quality, safety, and compliance, the Company is committed to reducing greenhouse gas emissions for a cleaner energy future. For more information, please visit www.charah.com.
About Texas Municipal Power Agency
Texas Municipal Power Agency (TMPA) is a municipally owned utility created by its member cities of Bryan, Denton, Garland and Greenville, Texas. In addition to Gibbons Creek, TMPA owns a lignite mine that is undergoing reclamation, and owns approximately 350 circuit miles of transmission lines (both 345 kV and 138 kV), 1 mile of 69kV transmission line, and 13 substations. For more information, please visit http://www.texasmpa.org/default.aspx .
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 facts, included in this press release that address activities, events or developments that the Company 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 terms and phrases such as “may,” “expect,” “estimate,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “should,” “could,” and similar terms and phrases. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments, and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks, and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.