CALGARY – TransAlta Corp. (TSX:TA) has signed a deal to buy 71 megawatts of solar and wind power generation capacity in the U.S. in a deal worth US$75.8 million.
The assets acquired from an affiliate of Rockland Capital LLC include 21 MW of solar projects in Massachusetts and a 50 MW wind facility in Minnesota.
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The company said the projects are contracted under long-term power purchase agreements ranging from 20 to 30 years.
TransAlta has been working to reduce its reliance on coal-fired power plants in recent years.
Chief executive Dawn Farrell says the deal marks the company’s first solar power project as it works to diversify its portfolio.
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“The expansion into new geographic markets and technologies further enhances our position as a leader in renewable energy and provides potential for future opportunities in the U.S solar and wind space,” Farrell said in a statement Monday.
TransAlta is a major power producer based in Calgary with assets in Canada, the U.S. and Australia.
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