{"id":405409,"date":"2020-12-23T18:26:52","date_gmt":"2020-12-23T23:26:52","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=405409"},"modified":"2020-12-23T18:26:52","modified_gmt":"2020-12-23T23:26:52","slug":"transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/","title":{"rendered":"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">CALGARY, AB<\/span>, <span class=\"xn-chron\">Dec. 23, 2020<\/span> \/PRNewswire\/ &#8211; TransAlta Renewables Inc. (&#8220;TransAlta Renewables&#8221; or the &#8220;Company&#8221;) (TSX: RNW)\u00a0announced that it had entered into definitive agreements for the acquisition of three assets from TransAlta Corporation (&#8220;TransAlta&#8221;) (TSX: TA) consisting of: <\/p>\n<ul type=\"disc\">\n<li>a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of <span class=\"xn-person\">Willow Creek<\/span>, <span class=\"xn-location\">Alberta<\/span>; <\/li>\n<li>a 49 per cent economic interest in the 137 MW Skookumchuck wind facility in operation located across <span class=\"xn-location\">Thurston<\/span> and <span class=\"xn-location\">Lewis<\/span> Counties in <span class=\"xn-location\">Washington State<\/span>; and <\/li>\n<li>a 100 per cent economic interest in the 29 MW Ada cogeneration facility in operation located in <span class=\"xn-location\">Ada, Michigan<\/span>.<\/li>\n<\/ul>\n<p>&#8220;We are pleased to announce our acquisition of Windrise and economic interests in the <span class=\"xn-location\">Skookumchuck<\/span> wind and <span class=\"xn-location\">Ada<\/span> cogeneration assets.\u00a0 This enhances our position in the renewables sector in both <span class=\"xn-location\">Canada<\/span> and the US, launches on-site generation in the US and further extends the contracted duration of our cashflows for ongoing distributions to our shareholders as we continue to target an 80 to 85 per cent payout ratio for our common share dividends,&#8221; said <span class=\"xn-person\">John Kousinioris<\/span>, President of TransAlta Renewables.<\/p>\n<p>The total acquisition price for the portfolio of assets is <span class=\"xn-money\">$439 million<\/span>, which includes the remaining construction costs for the Windrise wind project. The Company will fund the cash consideration for the acquisition and remaining construction costs with the proceeds from the South Hedland project financing completed earlier this year.\u00a0 The transaction will close in separate tranches early in 2021 subject to the satisfaction of certain closing conditions; however, the economic benefit of the transaction will be deemed effective as at <span class=\"xn-chron\">January 1, 2021<\/span>.<\/p>\n<p>\n        <b>Investment Highlights<\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Total acquisition value of <span class=\"xn-money\">$359 million<\/span> payable as of <span class=\"xn-chron\">December 31, 2020<\/span> along with the obligation to fund the balance of remaining construction costs for the Windrise wind project; <\/li>\n<li>Adds 303 MW of net power to installed capacity; <\/li>\n<li>Long-term contracted portfolio with an average remaining contract life of 19 years with high investment-grade counterparties; <\/li>\n<li>Increases the average contracted life of the fleet from 10 years to 12 years; and <\/li>\n<li>Annual EBITDA contribution of the assets to the Company is estimated at approximately <span class=\"xn-money\">$45 million<\/span>, inclusive of production tax credits.<\/li>\n<\/ul>\n<p>All figures quoted are in Canadian dollars.<\/p>\n<p>\n        <b>Portfolio Overview<\/b>\n      <\/p>\n<p>\n        <b>Windrise <\/b>is a 207 MW wind project under construction located in Municipal District of <span class=\"xn-person\">Willow Creek<\/span>, Alberta.\u00a0 The wind facility has an executed Renewable Support Agreement with the Alberta Electric System Operator to provide wind electricity to the province for a 20-year term.\u00a0 The project is on track to reach commercial operation during the second half of 2021.\u00a0 <\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-location\">Skookumchuck<\/span><br \/>\n        <\/b>is a 137 MW wind facility in operation located across\u00a0Thurston and <span class=\"xn-location\">Lewis<\/span> Counties in Washington State.\u00a0The wind facility began commercial operations on <span class=\"xn-chron\">November 7, 2020<\/span> and has a 20-year power purchase agreement with Puget Sound Energy Inc.\u00a0 TransAlta Renewables will acquire an economic interest in the 49 per cent ownership of TransAlta Corporation (net of tax equity) through a tracking share structure.\u00a0 Income distributions to the Company will be net of cash and tax attributes provided to the tax equity investor.\u00a0 <\/p>\n<p>\n        <b><br \/>\n          <span class=\"xn-location\">Ada<\/span><br \/>\n        <\/b>is a 29 MW cogeneration facility in operation located in <span class=\"xn-location\">Ada<\/span>, Michigan.\u00a0The cogeneration facility began commercial operations in 1991 and has a power purchase agreement and steam sale agreement for a remaining five-year period with Consumers Energy and Amway.\u00a0 TransAlta Renewables will acquire the economic interest from TransAlta Corporation in the asset through a tracking share structure.<\/p>\n<p>\n        <b><br \/>\n          <i>About TransAlta Renewables Inc.<br \/><\/i><br \/>\n        <\/b><br \/>\n        <i>TransAlta Renewables is among the largest of any publicly traded renewable independent power producers (&#8220;IPP&#8221;) in Canada.\u00a0Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of <span class=\"xn-location\">British Columbia<\/span>, <span class=\"xn-location\">Alberta<\/span>, <span class=\"xn-location\">Ontario<\/span>, Qu\u00e9bec, <span class=\"xn-location\">New Brunswick<\/span>, the States of <span class=\"xn-location\">Wyoming<\/span>, <span class=\"xn-location\">Massachusetts<\/span>, <span class=\"xn-location\">Minnesota<\/span> and the State of Western Australia.\u00a0Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.<\/i>\n      <\/p>\n<p>\n        <b><br \/>\n          <i>Cautionary Statement Regarding Forward-Looking Information<br \/><\/i><br \/>\n        <\/b><br \/>\n        <i>This news release contains forward-looking statements within the meaning of applicable securities laws.<\/i>\u00a0<i>The use of any of the words &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;continue&#8221;, &#8220;estimate&#8221;, &#8220;may&#8221;, &#8220;will&#8221;, &#8220;project&#8221;, &#8220;should&#8221;, &#8220;propose&#8221;, &#8220;plans&#8221;, &#8220;intends&#8221; and similar expressions are intended to identify forward-looking information or statements. More particularly, and without limitation, this news release contains forward-looking statements and information relating to<\/i><i>: the Company&#8217;s acquisition of the Windrise wind project and economic interests in the <span class=\"xn-location\">Ada<\/span> cogeneration facility and the 49% interest in the <span class=\"xn-location\">Skookumchuck<\/span> facility; the timing of closing the acquisition and satisfaction of closing conditions; the benefits of the transaction, including the <\/i><i>extension of the contracted duration of cashflows; and the <\/i><i>a<\/i><i>nnual EBITDA contribution to TransAlta Renewables&#8217; results.<\/i><i>\u00a0These forward-looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, and are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward-looking statements, which <\/i><i>include: construction risks at Windrise, including cost overruns or project delays, including those that may be caused by force majeure or related to COVID-19; <\/i><i>competitive factors in the renewable power industry; technology risks; changes in economic and market conditions; changes in laws and regulations; and other risks and uncertainties discussed in the Company&#8217;s Annual Information Form and Management&#8217;s Discussion and Analysis, filed under the Company&#8217;s profile with the Canadian securities regulators on <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3021921-1&amp;h=3504879715&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release. The Company undertakes no obligation to update or revise any forward-looking information except as required by law. <\/i><\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA33129&amp;sd=2020-12-23\" \/> View original content:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation-301198312.html\">http:\/\/www.prnewswire.com\/news-releases\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation-301198312.html<\/a><\/p>\n<p>SOURCE  TransAlta Renewables Inc<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=CA33129&amp;Transmission_Id=202012231823PR_NEWS_USPR_____CA33129&amp;DateId=20201223\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire CALGARY, AB, Dec. 23, 2020 \/PRNewswire\/ &#8211; TransAlta Renewables Inc. (&#8220;TransAlta Renewables&#8221; or the &#8220;Company&#8221;) (TSX: RNW)\u00a0announced that it had entered into definitive agreements for the acquisition of three assets from TransAlta Corporation (&#8220;TransAlta&#8221;) (TSX: TA) consisting of: a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of Willow Creek, Alberta; a 49 per cent economic interest in the 137 MW Skookumchuck wind facility in operation located across Thurston and Lewis Counties in Washington State; and a 100 per cent economic interest in the 29 MW Ada cogeneration facility in operation located in Ada, Michigan. &#8220;We are pleased to announce our acquisition of Windrise and economic interests in the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-405409","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire CALGARY, AB, Dec. 23, 2020 \/PRNewswire\/ &#8211; TransAlta Renewables Inc. (&#8220;TransAlta Renewables&#8221; or the &#8220;Company&#8221;) (TSX: RNW)\u00a0announced that it had entered into definitive agreements for the acquisition of three assets from TransAlta Corporation (&#8220;TransAlta&#8221;) (TSX: TA) consisting of: a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of Willow Creek, Alberta; a 49 per cent economic interest in the 137 MW Skookumchuck wind facility in operation located across Thurston and Lewis Counties in Washington State; and a 100 per cent economic interest in the 29 MW Ada cogeneration facility in operation located in Ada, Michigan. &#8220;We are pleased to announce our acquisition of Windrise and economic interests in the &hellip; Continue reading &quot;TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-23T23:26:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA33129&amp;sd=2020-12-23\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation\",\"datePublished\":\"2020-12-23T23:26:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/\"},\"wordCount\":1056,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/c212.net\\\/c\\\/img\\\/favicon.png?sn=CA33129&amp;sd=2020-12-23\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\\\/\",\"name\":\"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/","og_locale":"en_US","og_type":"article","og_title":"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation - Market Newsdesk","og_description":"PR Newswire CALGARY, AB, Dec. 23, 2020 \/PRNewswire\/ &#8211; TransAlta Renewables Inc. (&#8220;TransAlta Renewables&#8221; or the &#8220;Company&#8221;) (TSX: RNW)\u00a0announced that it had entered into definitive agreements for the acquisition of three assets from TransAlta Corporation (&#8220;TransAlta&#8221;) (TSX: TA) consisting of: a 100 per cent direct interest in the 207 MW Windrise wind project located in the Municipal District of Willow Creek, Alberta; a 49 per cent economic interest in the 137 MW Skookumchuck wind facility in operation located across Thurston and Lewis Counties in Washington State; and a 100 per cent economic interest in the 29 MW Ada cogeneration facility in operation located in Ada, Michigan. &#8220;We are pleased to announce our acquisition of Windrise and economic interests in the &hellip; Continue reading \"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-23T23:26:52+00:00","og_image":[{"url":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA33129&amp;sd=2020-12-23","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation","datePublished":"2020-12-23T23:26:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/"},"wordCount":1056,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/#primaryimage"},"thumbnailUrl":"https:\/\/c212.net\/c\/img\/favicon.png?sn=CA33129&amp;sd=2020-12-23","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/transalta-renewables-announces-the-acquisition-of-303-mw-portfolio-including-274-mw-of-wind-from-transalta-corporation\/","name":"TransAlta Renewables Announces the Acquisition of 303 MW Portfolio including 274 MW of Wind from TransAlta Corporation - 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