Secondary offering of common shares of TransAlta Renewables Inc. by TransAlta Corporation for $136.2 million

April 29, 2014

Client: TransAlta Renewables Inc.

On April 29, 2014, TransAlta Renewables Inc. (TransAlta Renewables) and TransAlta Corporation (TransAlta), Canada’s largest publicly traded power generator and marketer of electricity and renewable energy, completed a secondary offering of 10,950,000 common shares (Common Share) of TransAlta Renewables by TransAlta Corporation at a price of $11.40 per Common Share. In addition, the over-allotment option granted to the syndicate of underwriters, led by CIBC and RBC Capital Markets, was exercised for an additional 1,000,000 Common Shares also at a price of $11.40 per Common Share for aggregate gross proceeds of approximately $132.6 million.

The proceeds from the Offering will be used by TransAlta to reduce indebtedness, to fund growth, and for general corporate purposes. After the completion of the Offering, TransAlta owns approximately 70.3% of the outstanding Common Shares of TransAlta Renewables.

Norton Rose Fulbright advised TransAlta Renewables Inc. and TransAlta Corporation on matters relating to the Offering. The team was led by Mark Eade and included Justin Pettigrew.