The corporation that purchased the former Gibbons Creek power plant in Grimes County announces selling the remaining 20 percent of the property in its control.
Charah Solutions of Kentucky did not disclose the buyer of 1,300 acres that includes the site’s commercial and infrastructure assets. Those assets includes office buildings, warehouses, rail line, and access to the power distribution switchyard.
This follows the January 2021 sale of more than 4,800 acres that includes the lake, which is expected to become a residential development.
The former coal fired power plant, operated by the cities of Bryan, Denton, Garland, and Greenville, was imploded last October.
Charah expects to complete environmental cleanup of ash ponds and landfills sometime next year.
According to Scott Reschly, Charah Solutions Vice President of Operations, “Gibbons Creek Environmental Redevelopment Group (GCERG) as well as the buyer(s) will work to complete each of our contractual obligations. Once those obligations are complete over the next 12-18 months then GCERG is not expected to have any involvement in the property.”
News release from Charah Solutions:
Charah® 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 placed the final 20% of the real property acreage at the Texas Municipal Power Agency’s (TMPA) former Gibbons Creek Steam Electric Station (Gibbons Creek) in Grimes County, TX under contract. This transaction places 100% of the of the real property acreage at Gibbons Creek under contract in less than one year since the site was acquired from TMPA in February 2021. The parcels under contract include the site’s commercial and infrastructure assets such as office buildings, gas line, warehouses, rail line and access to the power distribution switchyard. The buyer and terms of the transaction were not disclosed.
As part of its proven Environmental Risk Transfer (ERT) services model, Charah Solutions announced in January 2021 that a local investor group purchased and closed on 4,860 acres of the 6,166 acre Gibbons Creek property, including the 3,500 acre reservoir, dam and spillway, with the intent of future residential development. In October 2021, the Company completed the implosion of the retired coal-fired power plant as part of the shutdown and decommissioning process. Environmental remediation work for the existing ash ponds and landfills is underway and ahead of schedule and is expected to continue through 2023.
According to Scott Sewell, Charah Solutions President and CEO, “I am very pleased that in less than one year, our team has successfully executed contracts for the sale of all the property at Gibbons Creek. Our proven Environmental Risk Transfer services represent one of our most innovative solutions designed to meet the evolving and increasingly complex needs for utilities and benefit not just our utility partners but our shareholders, local communities, and the environment.”
“With the increased need to retire and decommission older or less economically viable generating assets over the next twenty years, we believe this service offering will continue to grow dramatically as we work with our utility partners to minimize costs and maximize the value of the assets and improve the environment,” continued Mr. Sewell. “Through our custom approach for these complex projects, we provide not only the environmental remediation expertise needed to meet regulations but also the ability to redevelop the property in an environmentally responsible way while creating local jobs and lowering the cost for our utility partner.”
As previously announced, Charah Solutions, through its subsidiary Gibbons Creek Environmental Redevelopment Group, LLC (GCERG), is remediating and repositioning the property in an environmentally conscious manner that expands economic activity and benefits the surrounding communities through job creation, promotion of industry, and support of the tax base, including the Grimes County Schools. GCERG has retained Avison Young to provide real estate advisory, development, and brokerage services to oversee the redevelopment and sale of the property.
An industry leader in providing ERT services to the power generation industry, Charah Solutions has multiple ERT projects underway, including the former B.C. Cobb Generating Facility ERT project located in Muskegon, MI, which is on schedule to be completed in 2022, GenOn’s Avon Lake Generating Station ERT project in Avon Lake, OH which was announced in July 2021, and the recently announced GenOn Cheswick Generating Station and related facilities ERT project in Springdale and Cheswick, PA.
Charah Solutions is dedicated to preserving natural resources in an environmentally conscious manner through environmental remediation and redevelopment projects such as the Gibbons Creek project. Sustainability is a Charah Solutions core value, and Charah Solutions focuses its business on developing innovative solutions to complex environmental issues for the betterment of the planet, the communities in which it operates, its customers and its investors. Charah Solutions’ sustainability services reduce greenhouse gas emissions, decrease landfill disposal, remediate land for community and business use, conserve natural resources, and protect waterways. For more information regarding Charah Solutions’ commitment to sustainable practices, download our 2020 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.
About Charah Solutions, Inc.: With 30 years of experience, Charah Solutions, Inc. is a leading provider of environmental services and byproduct sales to the power generation industry. Based in Louisville, Kentucky, Charah Solutions assists utilities and independent power producers with all aspects to sustainably manage and recycle ash byproducts generated from the combustion of coal in the production of electricity. Charah Solutions 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, Charah Solutions is committed to reducing greenhouse gas emissions for a cleaner energy future. For more information, please visit https://link.edgepilot.com/s/1f537936/JvJZU74qc0aLBfZ83rluXg?u=http://www.charah.com/ or download our 2020 Environmental, Social and Governance (ESG) Report at charah.com/sustainability.