TransAlta Renewables Inc. announces financing for project portfolio

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
TransAlta Renewables Inc. announces financing for project portfolio

TransAlta Renewables Inc. has announced the completion of its previously announced bought deal offering of subscription receipts.

The company, through a syndicate of underwriters led by CIBC Capital Markets and TD Securities Inc., as joint bookrunners, issued a total of 17,692,750 subscription receipts at a price of CAD$9.75 for gross proceeds of approximately CAD$172.5 million, including 2,307,750 subscription receipts issued pursuant to the exercise by the underwriters of the over-allotment option in full.

The net proceeds will be used by TransAlta Renewables to finance a portion of its proposed CAD$540 million investment in TransAlta Corporation’s Sarnia Cogeneration Plant, Le Nordais wind farm and Ragged Chute hydro facility.

The Portfolio consists of approximately 611 MW of highly contracted power generation assets located in Ontario and Quebec. TransAlta Renewables’ investment will consist of the acquisition of securities which will track the net distributable profits of the Portfolio. As part of the transaction, TransAlta Renewables will issue CAD$152.5 million in common shares to TransAlta and CAD$215 million in convertible unsecured subordinated debentures.

List of country news

Country news

  • January 07, 2016

    Beothuk Energy Inc. announces 1 GW offshore wind project in Nova Scotia

    Beothuk Energy has announced plans for a major offshore wind farm off the coast of Nova Scotia, Canada. Read more
  • December 16, 2015

    Invenergy sells 832 MW of wind plants to TerraForm Power

    Invenergy Wind LLC, the largest privately-held independent wind power generation company in the United States, today announced the sale of 832 MW of wind power plants to TerraForm Power, Inc., an owner and operator of clean energy power plants. Read more
  • December 16, 2015

    Canadian Solar announces new $80 million credit facility with Credit Suisse

    Canadian Solar has raised a final tranche of $80.0 million under its previously announced two-year senior secured term loan arranged by Credit Suisse AG. Read more
  • December 14, 2015

    Samsung and Connor, Clark & Lunn announce financing for 50 MW solar project in Canada

    Samsung Renewable Energy, Inc. and Connor, Clark and Lunn Infrastructure recently announced the formation of a partnership to provide equity funding for the 50 MW Windsor Solar project in Windsor, Ontario. Read more
  • November 26, 2015

    AIMCo acquires 8% stake in TransAlta Renewables, Inc.

    Alberta Investment Management Corporation (AIMCo) has successfully acquired an 8% stake in TransAlta Renewables an Alberta-based clean power generation company. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.