TransAlta Renewables has acquired operational solar plants with a cumulative capacity of 122 MW located in North Carolina, the US. The portfolio consists of 20 solar photovoltaic plants ranging from 3.2 MW to 6.6 MW. The portfolio will be acquired from a fund managed by the Copenhagen Infrastructure Partners for $96.65 million, subject to working capital adjustments and the assumption of existing tax equity obligations. The transaction will be financed with liquid assets. The deal is scheduled to conclude in the fourth quarter of 2021 subject to normal regulatory clearances.
The project is expected to generate an average annual earnings before interest, taxes, depreciation and amortization (EBITDA) of approximately $9 million and average annual cash available for distribution of approximately $7 million. Furthermore, the facilities are all operational and were commissioned between November 2019 and May 2021. Also, long-term power purchase agreements have been signed with two Duke Energy subsidiaries. The project is expected to produce approximately 195,000 MWh of electricity per year.
TransAlta Renewables is a publicly traded renewable independent power generator in Canada. The company’s has stakes in 24 wind farms, 13 hydroelectric farms, 8 natural gas generation farms, a solar farm, a natural gas pipeline, and one battery storage project, totalling 2,633 MW of owned generating capacity.
