120MW double vision for TransAlta
Construction-ready projects in New Hampshire, Pennsylvania cost $240m
Canadian power producer TransAlta Renewables has agreed to buy a pair of construction-ready wind farms in the northeast US for about $240m.
The Calgary-based company will acquire a 90MW project in Pennsylvania that has a 15-year power purchase agreement.
It will also pick up a 29MW project in New Hampshire with two 20-year PPAs.
Both projects are expected to start commercial operation during the second half of 2019.
TransAlta president John Kousinioris said: "This acquisition demonstrates our commitment to grow and diversify our cash flows through the addition of long-term contracted assets with high quality counterparties, and expands our presence in the United States."
TransAlta expects to pay for the acquisition and construction costs using its existing liquidity and tax equity. About 70% will be funded this year and the remainder in 2019.