Bennett Jones is acting for Heartland Generation Ltd. in its $658 million acquisition by TransAlta Corporation.
On November 2, 2023, TransAlta announced it has entered into a definitive share purchase agreement with an affiliate of Energy Capital Partners, the parent of Heartland Generation Ltd. and Alberta Power (2000) Ltd., pursuant to which TransAlta will acquire Heartland and its entire business operations in Alberta and British Columbia.
Heartland owns and operates generation assets consisting of 507 megawatts (MW) of cogeneration, 387 MW of contracted and merchant peaking generation, 950 MW of gas-fired thermal generation, transmission capacity and a development pipeline that includes the 400 MW Battle River Carbon Hub.
The purchase price for the acquisition is $390 million, subject to working capital and other adjustments, as well as the assumption of $268 million of low-cost debt. The transaction is expected to close in the first half of 2024.
The Bennett Jones deal team is led by Pat Maguire and includes:
More information on the transaction is available here.