TransAlta buying Heartland in deal worth $658 million including assumed debt

TransAlta Corp. has signed a deal to buy Heartland Generation Ltd. and its power generation business in Alberta and B.C. in a deal valued at $658 million, including assumed debt.

Under the agreement, TransAlta will pay Energy Capital Partners $390 million and assume $268 million in debt.

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The company says the deal will add 1,844 megawatts of complementary flexible capacity.

TransAlta adds it expects about $20 million in corporate pre-tax synergies in connection with the deal and says the combination will allow it to further optimize operations.

The deal is expected to close in the first half of 2024, subject to customary closing conditions, including regulatory approvals.

TransAlta owns and operates power generation assets in Canada, the United States and Australia.