TransAlta Renewables makes purchases in US, Canada

TransAlta Renewables Inc (TSE:RNW) has bought an economic interest in a number of US wind and solar assets totalling 71 MW, along with the entire 20-MW Kent Breeze wind farm in Ontario from its parent TransAlta Corp (TSX:TA).

The Canadian renewable power producer said that it bought into the 50-MW Lakeswind wind park in Minnesota and 21 MW of solar projects in Massachusetts. For these assets and the Kent Breeze plant, TransAlta Renewables has paid CAD 166 million (USD 128m/EUR 110m), including the assumption of CAD 62 million of tax equity obligations and project debt.

The buyer said it will fund the transaction with existing liquidity.

Meanwhile, TransAlta Renewables has decided to launch at end-July a dividend reinvestment plan (DRIP) that allows Canadian holders of common shares to automatically reinvest monthly dividends into additional common shares. The programme will start with the dividend payable on July 31, 2018.

(CAD 1.0 = USD 0.772/EUR 0.660)

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