TransAlta Renewables (TSX: RNW) and TransAlta Corp. (TSX: TA) (NYSE: TAC) announced Dec. 20 that TransAlta Renewables, through a wholly owned subsidiary of TransAlta, has acquired the economic interest in a 144-MW wind farm in Wyoming.
The wind farm is fully operational and contracted under a long-term power purchase agreement until 2028 with an investment grade counterparty. The acquisition was originally announced on Oct. 21.
The Federal Energy Regulatory Commission on Dec. 13 approved an Oct. 30 application from FPL Energy Wyoming LLC and other parties related to this buy of a 144-MW wind project in Wyoming. FPL Energy Wyoming, TransAlta Holdings U.S. Inc. and TransAlta requested authorization for a transaction in which TransAlta Holdings will acquire all of the outstanding equity membership interests in FPL Energy Wyoming from FPL Energy National Wind LLC.
FPL Energy Wyoming is an exempt wholesale generator with market-based rate authority. It owns and operates a wind facility with a capacity of approximately 144 MW located in Uinta County, Wyo., in the PacifiCorp-East (PACE) balancing authority area (BAA). All of the facility’s output is sold to Iberdrola Renewables LLC under a long-term power purchase agreement.
TransAlta maintains a low-to-moderate risk profile by operating a highly contracted portfolio of assets in Canada, the United States and Australia.
TransAlta Renewables owns a portfolio of renewable generation facilities. TransAlta Renewables currently holds 29 wind and hydroelectric facilities, including the Wyoming wind farm, having an aggregate installed capacity of 1,378 MW, in which TransAlta Renewables has a net ownership interest of about 1,256 MW. TransAlta Renewables’ capacity is among the largest of any publicly-traded renewable independent power producer (IPP) in Canada, with more wind power generating capacity than any other Canadian publicly-traded IPP.