TransAlta sets target of adding 2 GW renewables by 2025

Canadian power generator TransAlta Corp (TSE:TA) has set strategic growth targets that call for the company to add 2 GW of renewables capacity to its fleet by the end of 2025.

By this date, TransAlta will invest CAD 3 billion (USD 2.4bn/EUR 2bn) in developing, building and acquiring new assets as it plans to step up growth into customer-centred renewables and storage.

"We have significant growth aspirations across Canada, the United States and Australia with a focus on renewable and storage power solutions for large customers," president and chief executive John Kousinioris said in a press release on Tuesday.

The company will work to execute its 3-GW development pipeline and at the same time reach 2025 with an expanded pipeline of 5 GW and no coal.

TransAlta has also decided to suspend the Sundance Unit 5 coal power plant repowering project, with the funds previously earmarked for this project to be directed to renewable growth projects. The suspension is in view of a number of factors such as escalating costs and changing supply and demand dynamics. It will also retire Keephills Unit 1 from December 31, 2021 and Sundance Unit 4 from April 1, 2022.

TransAlta’s development pipeline currently includes 1.2 GW in the US, up to 2 GW in Canada and 270 MW in Australia.

(CAD 1 = USD 0.790/EUR 0.675)

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