Terre Haute-based Hallador Energy Co. (Nasdaq: HNRG) is reporting a fiscal, full year net loss of $3.8 million, compared to a $6.2 million loss the previous year. Last month, the company announced its new wholly owned subsidiary, Hallador Power Company LLC, will acquire Hoosier Energy’s Merom Generating Station in Sullivan County.
The transaction includes a three-and-a-half-year power purchase agreement.
“The announcement of the acquisition of the Merom Generation Station is an absolute game changer for Hallador Energy Company,” said Hallador President and Chief Executive Officer Brent Bilsland. “This transaction is an example of how Hallador can help its customers transition to renewables. Providing critical capacity to them in the near term, to maintain grid reliability, while creating a path to renewables through a PPA in the future.”
The deal is scheduled to close in mid-July.
Bilsland says he expects Hallador Power to contribute little to the parent company’s profits in 2022 but it will in 2023. Click here to view the company report.