Canada-based TransAlta Renewables plans to acquire the economic interest in a 144 MW wind farm in Wyoming for about $102 million from an affiliate of NextEra Energy Resources.
TransAlta Renewables will fund the acquisition through a loan from TransAlta Corp., which holds approximately 80% of the issued and outstanding shares of the subsidiary. Although the wind farm's name was not disclosed, TransAlta says the project is fully operational and contracted under a long-term power purchase agreement until 2028 with an investment-grade counterparty.
‘The acquisition marks our first wind project in the western United States and aligns with our strategy of growing our renewables platform and diversifying our presence in the region,’ says Dawn Farrell, president and CEO of TransAlta. ‘It positions us well for future opportunities in the U.S. wind space and demonstrates the benefits of creating TransAlta Renewables.’
The acquisition is subject to regulatory approvals and is expected to close by the end of December.