TransAlta shifts $439 million in power assets to TransAlta Renewables subsidiary

December 24, 2020 Stu Turley International News, Top News
Transalta shifts 439 million in power assets to TransAlta Renewables subsidiary - EnergyNewsBeat

CALGARY — TransAlta Corp. says it is selling power transmission assets in Canada and the United States for $439 million to its majority owned subsidiary TransAlta Renewables Inc.

The Calgary-based utility says it will hand over its 207-megawatt Windrise wind project in southern Alberta, along with a 49 per cent interest in the 137-megawatt Skookumchuck wind facility in Washington State and a 100 per cent interest in the 29-megawatt Ada cogeneration facility in Michigan.

It says the price includes the remaining construction costs for the Windrise project.

Closing of the transaction is expected early in 2021.

It says the portfolio has an average weighted contract life of about 19 years.

TransAlta also announced a six per cent increase in its quarterly dividend per common share to 4.5 cents starting with the quarter ending March 31.

“TransAlta’s overall business continues to perform firmly against our strategy. We are pleased to announce the transfer of our latest renewables and cogeneration investments to TransAlta Renewables to deliver our clean energy investment plan,” CEO Dawn Farrell said Wednesday.

This report by The Canadian Press was first published Dec. 23, 2020.

Companies in this story: (TSX:TA, TSX:RNW)

 

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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