Date Closed

December 4, 2024

Lead Office

Calgary

Value

542.00 Million CAD

On December 4, 2024, TransAlta Corporation ("TransAlta") completed its previously announced acquisition of Heartland Generation ("Heartland") from Energy Capital Partners ("ECP") for C$542 million. Pursuant to the acquisition, TransAlta acquired Heartland's entire business operations in Alberta and British Columbia. The Competition Act approvals were negotiated over the course of a year and to meet requirements from the Competition Bureau, TransAlta will divest Heartland’s Poplar Hill and Rainbow Lake assets, the proceeds of which will flow to ECP. 

TransAlta, based in Calgary, Alberta, is an energy utilities company that owns, operates and develops electrical generation assets in Canada, the United States and Australia.

Heartland, headquartered in Calgary, Alberta, is a utility contractor that owns 10 power generation assets with the gross capacity of 2,680 megawatts.

ECP, based in Summit, New Jersey, is an investment firm that focuses on power generation, renewable and storage assets and critical sustainability and decarbonization infrastructure.

McCarthy Tétrault advised TransAlta with a team led by Seán O'Neill and Brian Bidyk that included Toby Allan, John Osler, Jake Irwin, Morgan Troke, Ashley Urch, Connor O'Brien, Heather Maki (Business), Debbie Salzberger, Mike Caldecott, Nikiforos Iatrou, Gideon Kwinter, Alykhan Rahim (Competition/Antitrust), Douglas Yoshida, Una Radoja, Cassidy Bishop (Litigation), Raj Juneja, Erica Hennessey (Tax), Mark Christensen, Luke Madill (Real Property & Planning), Benjamin Aberant (Labour & Employment), John Boscariol (International Trade & Investment), Gordon Nettleton (Environmental, Regulatory & Aboriginal) and Greg Winfield (Pensions, Benefits & Executive Compensation).