TransAlta Renewables starts up 206.4-MW wind park in Alberta

Canadian independent power producer (IPP) TransAlta Renewables Inc (TSE:RNW) said on Thursday that its 206.4-MW Windrise wind facility in Alberta has come online on November 10.

The company also said its indirect wholly-owned subsidiary Windrise Wind LP has priced a CAD-173-million (USD 135m/EUR 119m) secured green bond offering.

Windrise is TransAlta Renewables’ largest wind power plant so far and its tenth in the province of Alberta. Located on privately-owned land near Claresholm, the wind park features 43 Siemens Gamesa turbines of 4.8 MW. It has a 20-year offtake contract with the Alberta Electric System Operator (AESO). Windrise is also the first project to achieve commercial operation out of the eight successful projects in the second and third rounds of the AESO’s Renewable Electricity Programme, said TransAlta Renewables president Todd Stack.

The wind park represented an investment of about CAD 280 million-285 million and is expected to generate annual earnings before interest, tax depreciation and amortisation (EBITDA) of CAD 20 million-22 million.

The green bond project financing will be used to repay an intercompany construction loan, make advances to TransAlta Renewables under an intercompany loan agreement for financing or refinancing eligible green projects and to fund a construction reserve account. The bonds, with maturity September 30, 2041, will be amortising and will bear a 3.41% interest per year. The financing is expected to close on or around December 6.

(CAD 1 = USD 0.781/EUR 0.688)

Choose your newsletter by Renewables Now. Join for free!