TransAlta Renewables Inc. Delivers on Two Contracted U.S. Wind Projects
TransAlta Renewables Inc. ("TransAlta Renewables" or the "Company") (TSX:RNW.TO) announced that the Big Level wind farm and the Antrim wind farm began commercial operation on December 19, 2019 and December 24, 2019, respectively. In conjunction with reaching commercial operation, approximately US$126 million of tax equity proceeds were raised to partially fund the projects.
The Company has an economic interest in these two U.S. wind farms, and TransAlta Corporation is the operator of both wind farms. The 90 MW Big Level wind farm located in Pennsylvania is under a 15-year contract with Microsoft and the 29 MW Antrim wind farm located in New Hampshire is under two 20-year contracts with Partners Healthcare and New Hampshire Electric Co-op. All counterparties have a Standard & Poor's credit rating of A+ or better.
"The addition of these assets to our renewable wind fleet is a great achievement as we further diversify our cash flows with high-quality counterparties," said John Kousinioris, President. "We continue to pursue additional growth opportunities, including potential drop-down transactions with TransAlta Corporation."
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly traded renewable independent power producers ("IPP") in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility and one natural gas pipeline, representing an ownership interest of 2,533 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.
Cautionary Statement Regarding Forward Looking InformationThis news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to the operation of the Big level and Antrim wind farms and the associated benefits therefrom; expectations and plans for future growth; and the potential drop-down transactions with TransAlta Corporation. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: no significant changes to applicable laws and regulations, including any tax and regulatory changes; the sufficiency of budgeted capital expenditures in carrying out planned activities; and assumptions regarding our current strategy and priorities, including as it pertains to our growth strategy. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: competitive factors in the renewable power industry; changes in economic and market conditions; continued access to debt, tax equity, and capital markets; changes in tax, environmental, and other laws and regulations; and other risks and uncertainties discussed in the Company's materials filed with the Canadian securities regulatory authorities from time to time and as also set forth in the Company's Management's Discussion and Analysis dated November 6, 2019, filed under the Company's profile with the Canadian securities regulators on www.sedar.com. Readers are cautioned not to place undue reliance on this forward looking information, which is given as of the date it is expressed in this news release. The Company undertakes no obligation to update or revise any forward looking information except as required by law.
SOURCE TransAlta Renewables Inc
View original content: http://www.newswire.ca/en/releases/archive/January2020/07/c7321.html
SOURCE: TransAlta Renewables Inc
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