TransAlta buys solar and wind projects in U.S. for US$75.8 million

CALGARY – TransAlta Corp. (TSX:TA) has signed a deal to buy 71 megawatts of solar and wind power generation capacity in the U.S. in a deal worth US$75.8 million.

The assets acquired from an affiliate of Rockland Capital LLC include 21 MW of solar projects in Massachusetts and a 50 MW wind facility in Minnesota.

The company said the projects are contracted under long-term power purchase agreements ranging from 20 to 30 years.

TransAlta has been working to reduce its reliance on coal-fired power plants in recent years.

Chief executive Dawn Farrell says the deal marks the company’s first solar power project as it works to diversify its portfolio.

“The expansion into new geographic markets and technologies further enhances our position as a leader in renewable energy and provides potential for future opportunities in the U.S solar and wind space,” Farrell said in a statement Monday.

TransAlta is a major power producer based in Calgary with assets in Canada, the U.S. and Australia.