TransAlta Renewables has acquired an economic interest from TransAlta in the 50MW Lakeswind Wind Farm in Minnesota, and solar projects with 21MW capacity in Massachusetts.

In addition, the company acquired ownership of the 20MW Kent Breeze Wind Farm located in Ontario, Canada.

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The three assets, which have an average weighted contract life of 15 years, have been acquired in a deal valued at C$166m ($128m), including the assumption of C$62m ($47m) of tax equity obligations and project debt.

“The three assets, which have an average weighted contract life of 15 years, have been acquired in a deal valued at C$166m.”

TransAlta Renewables president John Kousinioris said: “The acquired assets are a natural fit for TransAlta Renewables which focuses on diversified, highly contracted cash flows from strong counterparties.

“These drop-downs, along with the two recent US wind projects, demonstrate our ability to execute on accretive, renewable acquisitions.”

TransAlta Renewables plans to use existing liquidity to fund the acquisition’s equity value portion.

Simultaneously, TransAlta Renewables’ board of directors has approved the implementation of a dividend reinvestment plan (DRIP) for Canadian holders of common shares of TransAlta Renewables.

The common shares acquired under the DRIP will be issued from the treasury of TransAlta Renewables.

On the other hand, TransAlta, which holds 64% of the outstanding shares of TransAlta Renewables, does not intend to participate in the DRIP.

Independent power producer (IPP) TransAlta Renewables has interests in 20 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility and one natural gas pipeline, representing an ownership interest of 2,407MW.