For the purchase price of C$200 million, Alberta Investment Management Corp. (AIMCo) has acquired an 8% stake in TransAlta Renewables Inc., an Alberta-based clean power generation company, from TransAlta Corp.
In doing so, AIMCo says it now becomes the second-largest shareholder in TransAlta Renewables. The transaction is expected to close on Nov. 26.
AIMCo says the investment provides its clients an opportunity to participate in an attractive, internationally diversified portfolio of clean power generation assets with a long asset life and a favorable risk/return profile.
The Canadian investment fund manager adds that the TransAlta Renewables assets complement its existing $4 billion of investments in utilities, energy and power, and transportation.
‘TransAlta has set forth a bold transition plan that will see it become one of North America's preeminent clean power companies," states Kevin Uebelein, CEO of AIMCo. "TransAlta Renewables is an important part of that strategy. AIMCo is looking forward to a strong working relationship with TransAlta Renewables."