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TransAlta Corporation announces agreement to acquire Heartland Generation for US$658M

Date Announced

November 2, 2023

Lead Office



685.00 Million USD

On November 2, 2023, TransAlta Corporation ("TransAlta") announced that it has entered into a definitive agreement to acquire Heartland Generation ("Heartland") from Energy Capital Partners ("ECP") for US$658 million. Pursuant to the acquisition, TransAlta will acquire Heartland's entire business operations in Alberta and British Columbia. The agreement is subject to customary closing conditions and regulatory approvals, and is expected to close in Q1, 2024.

TransAlta, based in Calgary, Alberta, is a 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, Matthew Hooker, Heather Maki (Business), Debbie Salzberger, Mike Caldecott, Alykhan Rahim (Competition/Antitrust & Foreign Investment), 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).