Hallador Energy Company (NASDAQ:HNRG) is trading with mild gains in the pre-market session on Tuesday after the news.
Hallador Energy and Hoosier Energy Working Together to Develop Renewable Generation at Merom Site
- announced today it will join with Hoosier Energy Rural Electric Cooperative, Inc. to develop up to 1000 megawatts (MW) of renewable power. The new generation will be located near the Merom Coal Generation Station in Sullivan, IN which Hoosier Energy expects to retire in May 2023.
- The plan calls for Hallador to develop approximately 200MW of energy from solar and battery storage through power purchase agreements with Hoosier Energy in 2025. Hallador will seek other customers to develop the remaining generation capacity at the Merom interconnection site.
“We are excited for the opportunity to work with Hallador Energy and open a path for them to develop renewable energy near the Merom Station,” said Donna Walker, President and CEO of Hoosier Energy. “While it may seem surprising for a coal producer to assist with a renewable transition, Hallador has been helping serve the needs of Hoosier Energy for 17 years. Not only will this conversion assist both companies in transitions to a greener future, but it will also benefit our members and their member-consumers as well.”
Market Action
As of 7:51, HNRG is trading at $2.50, up 8 cents or 3.31%. So far more than 8K shares have exchanged hands.
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