TransAlta Renewables to invest $1.78 billion in Australian power
The Portfolio consists of 575 MW of power generation from six operating assets and the South Hedland project currently under construction, as well as the recently commissioned 270 km gas pipeline.
TransAlta Renewables' investment will consist of the acquisition of securities which track the cash flows of the Portfolio.
"TransAlta created TransAlta Renewables in 2013 to unlock the underlying value in our contracted assets and to fund our growth" said Dawn Farrell, President and CEO.
"This transaction highlights the value of our Australian investment strategy, finances the South Hedland plant, generates cash to strengthen our balance sheet and provides greater financial flexibility. The transaction significantly benefits both companies as TransAlta remains the majority shareholder and sponsor of TransAlta Renewables." ■