TransAlta to draw on credit facilities for Heartland purchase

By Sara Rosenberg

New York, Nov. 2 – TransAlta Corp. plans to use draws on its credit facilities and cash on hand to fund the acquisition of Heartland Generation Ltd. and its entire business operations in Alberta and British Columbia from Energy Capital Partners, according to a news release.

The purchase price for the acquisition is C$390 million, subject to working capital and other adjustments, as well as the assumption of C$268 million of low-cost debt.

Closing is expected in the first half of 2024, subject to customary conditions, including receipt of regulatory approvals.

TransAlta is a Calgary, Alta.-based owner, operator and developer of electrical power generation assets in Canada, the United States and Australia.

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