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TransAlta Renewables to acquire 2 construction-ready wind projects

TransAlta Renewables Inc. has agreed to acquire two construction-ready wind projects totaling 119 MW, located in Pennsylvania and New Hampshire.

The deal involves a 90-MW project, which holds a 15-year power purchase agreement; and a 29-MW project, which has two 20-year PPAs. All three offtakers are rated A+ or better by S&P Global Ratings, according to a Feb. 20 release. Financial and other details of the deal were not disclosed.

The projects are estimated to cost around $240 million, with commercial operation expected in the second half of 2019. TransAlta Renewables will fund the deal and construction costs through its existing liquidity and tax equity. Of the total cost, approximately 70% will be funded this year and the remaining in 2019.

The acquisition is subject to customary closing conditions, including regulatory approvals.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.