Parties
Company
TransAlta Corp.
Company
Heartland Generation Ltd.
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.
Deal Type
Merger & AcquisitionIndustry
EnergyTransaction
$ 658,000,000Deal Status
ClosedClosing Date
04 December 2024