TransAlta finalizes $542 million acquisition of Heartland Generation

Initially announced on November 2, 2023, TransAlta Corporation amended its agreement on November 14, 2024 with Energy Capital Partners to acquire Heartland Generation for $542 million. To comply with the Competition Bureau, TransAlta will divest Heartland’s Poplar Hill and Rainbow Lake assets, reducing the net cash payment to $230 million. Heartland’s portfolio includes 1,844 MW of generation assets and a 400 MW development pipeline.

The acquisition is expected to add $85–90 million in annual EBITDA and $20 million in synergies. Approximately 60% of revenues are under long-term contracts.

The deal closed on December 4, 2024.

Merger & Acquisition
Energy
$ 658,000,000
Closed
04 December 2024