Mylan N.V. (MYL) - Get Report has made some unlikely allies in the coal industry in order to generate hundreds of millions of dollars in tax credits and boost earnings, Reuters reported.

The pharmaceutical company has snatched up majority stakes in five coal refineries since 2011. Mylan then sells the coal, which has been refined to reduce smog-causing chemicals, to power plants at a loss.

The loss and the plant depreciation are both tax deductible. This generates credits that allow the company to lower its tax bill per a 2004 Congressional bill incentivizing cleaner coal production.

In 2016, the tax credit for one ton of coal processed was $6.81. Mylan used more than $100 million in "clean energy and research" tax credits in 2015 and in 2016.

The tax credits also boost earnings, which were up $40 million to $50 million the last two years as a direct result of the coal operations.

Mylan stock was up over 1.5% in early afternoon trading.

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Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.

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