BLOOMBERG - TransAlta Corp., a Canadian electricity producer, agreed to buy 71 megawatts of renewable-energy assets in the U.S., including its first solar projects, for $75.8 million.
The company will also assume $41.8 million of tax-equity obligations and non-recourse project debt, Calgary-based TransAlta said in a statement Monday. It expects to close the deal with Rockland Capital LLC in late September.
The deal comprises 21 megawatts of solar power in Massachusetts, TransAlta’s first investment in that technology, and 50 megawatts of wind energy in Minnesota. The installations each have long-term power purchase agreements ranging from 20 to 30 years.
TransAlta may later sell the power plants to TransAlta Renewables Inc., a clean-energy holding company designed to produce steady dividends for investors.