LOUISVILLE, Ky. — Charah® Solutions, Inc. a leading provider of environmental services and byproduct sales to the power generation industry, announced that it has entered into a binding agreement to acquire the Avon Lake Generating Station and adjacent property from GenOn and will begin environmental remediation and sustainable redevelopment of the property upon closing.
Avon Lake is a 627 MW coal-fired plant operated by GenOn located in Avon Lake, 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 has commenced the redevelopment and remediation planning efforts and will begin physical work once the full transfer occurs. GenOn will continue to maintain responsibility for the plant and operate the plant in the normal course of business through closing.
As part of this agreement, 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, including the generating station, submerged lands lease in Lake Erie, substation/switchgear and transformers, administrative offices and structures, coal rail and storage yard parcels south of Lake Road as well as the interconnection agreement.
Avon Lake Environmental Redevelopment Group will be responsible for the shutdown and decommissioning of the coal power plant and performing all environmental remediation and redevelopment work at the site.
ALERG has retained Avison Young to provide real estate advisory, development, and brokerage services to oversee the redevelopment of the property in an environmentally conscious manner and future sale of the remediated property.
Working with the City of Avon Lake, ALERG will position the property to expand economic activity and benefit the surrounding communities through job creation and enable this site to provide the best potential use for the community and City of Avon Lake moving forward.
ALERG is already in discussions with the City of Avon Lake regarding the best use for the future of the property that benefits all members of the community, provides increased economic activity and jobs while sustainably remediating the site for the betterment of the environment.
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