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TransAlta issues 2020 guidance, raises dividend

TransAlta Corp. is targeting comparable EBITDA of C$925 million to C$1 billion and free cash flow of C$325 million to C$375 million for 2020.

The company's 2020 objectives also include repaying the C$400 million bond maturing in November and a share buyback of up to C$80 million. On the operational front, TransAlta expects to complete the Sundance unit 6 gas conversion and the WindCharger battery project in 2020.

In addition, the company named John Dielwart chair of its board, pending his reelection at the annual shareholder meeting. Dielwart will replace Gordon Giffin, who is retiring at the annual meeting.

Dielwart, who has been an independent director on the board since 2014, is the chair of the governance, safety and sustainability committee.

TransAlta also declared a 6.25% increase in its quarterly dividend to 4.25 Canadian cents per common share, payable April 1 to shareholders of record March 2.