On May 7, 2015, TransAlta Corporation ("TransAlta"), a power generation and wholesale marketing company focused on creating long-term shareholder value, closed the acquisition by TransAlta Renewables Inc. ("TransAlta Renewables") of an economic interest based on the cash flows of TransAlta Corporation's Australian assets (the "Transaction"). The portfolio, held by TransAlta Energy (Australia) Pty Ltd, consisted of 575 MW of power generation from six operating assets and the South Hedland project currently under construction, as well as a recently commissioned 270 km gas pipeline. The combined value of the Transaction is approximately C$1.78bn.
TransAlta has received net cash proceeds of C$216.9m as well as approximately C$1,067m as consideration through a combination of Common Shares and Class B Shares in TransAlta Renewables increasing its ownership from 70% to 76%.
Norton Rose Fulbright advised TransAlta Corporation on all aspects of the acquisition. The team was led by Mark Eade and included Justin Pettigrew, Marlow Gereluk, and Jacqueline El Haddad. Australian counsel included Paul Humphreys and Nigel Deed.