Partnership highlights value of collaboration and
customization
CALGARY, Oct. 15, 2018 /PRNewswire/ - TransAlta Renewables
Inc. ("TransAlta Renewables" or the "Company") (TSX: RNW) announced
today that Microsoft Corp. is its customer pursuant to a 15-year
power purchase arrangement signed earlier this year for the
90-megawatt (MW) Big Level wind facility now under construction in
Hector Township, Pennsylvania.
"This project advances our North American growth and investment
strategy," said TransAlta Renewables President John Kousinioris. "Microsoft is a leader in
procurement of renewable energy and a catalyst for change in how
corporate customers can control their energy procurement. We're
pleased to collaborate with them on a project that suits their
needs and helps them to achieve their sustainability and carbon
reduction objectives."
The Big Level wind facility is the third power purchase
arrangement Microsoft has signed in the PJM Interconnection. With
this Big Level project, Microsoft's total renewable energy
portfolio will rise to more than 1.2 gigawatts, covering six states
and three continents.
"Working with companies like TransAlta to bring new projects
online, especially wind projects in states outside the Wind Belt,
is good for our business, the community and the clean energy
economy," said Brian Janous, General
Manager of Energy and Sustainability at Microsoft. "We're pleased
to enter a new state in the PJM region and take another step toward
our goal of enabling a clean energy future for everyone."
"We are thrilled that TransAlta Renewables and Microsoft have
decided to invest in Pennsylvania," said Department of Community
and Economic Development Secretary Dennis
Davin. "This project will further Pennsylvania's role as a leader in renewable
energy, while supporting the development of a cleaner and more
diverse energy economy."
The Big Level wind facility will bring direct investment, jobs,
landowner lease payments, tax benefits, and clean energy to
Hector Township, Pennsylvania. At the peak of construction,
there will be approximately 100 full-time equivalent jobs, and over
the life of the project, the communities will receive more than
$8 million in tax benefits and
community payments.
Construction at Big Level is underway.
Geographic and asset diversification, backstopped by long-term
contracted cash flows, are cornerstones of TransAlta Renewables'
growth strategy. TransAlta Renewables' facilities include wind and
solar in Wyoming, Minnesota, and Massachusetts. TransAlta Corporation, which
owns 61 percent of TransAlta Renewables, is also one of
Canada's largest wind generators
and Alberta's largest hydro
operator, with a total of 8000MW of owned generation capacity
including 48 renewable generation facilities in 10 operating
regions in North America.
TransAlta Renewables has consulted extensively with the
Pennsylvania Game Commission and the U.S. Fish and Wildlife Service
to minimize the impact the Big Level wind facility could have on
birds and bats. Extensive on-site studies were performed with
agency input, and wildlife impacts are expected to be minimal. The
project is fully permitted through the Pennsylvania Department of
Environmental Protection and Potter County Conservation
District.
Commercial operation for the Big Level wind facility is expected
to begin in the second half of 2019. All regulatory approvals have
been completed.
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly
traded renewable independent power producers ("IPP") in
Canada. Our asset platform and economic interests are
diversified in terms of geography, generation and counterparties
and consist of interests in 20 wind facilities, 13 hydroelectric
facilities, seven natural gas generation facilities, one solar
facility and one natural gas pipeline, representing an ownership
interest of 2,407 MW of owned generating capacity, located in the
provinces of British Columbia,
Alberta, Ontario, Québec, New
Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives
are to (i) provide stable, consistent returns for investors through
the ownership of, and investment in, highly contracted renewable
and natural gas power generation and other infrastructure assets
that provide stable cash flow primarily through long-term contracts
with strong counterparties; (ii) pursue and capitalize on strategic
growth opportunities in the renewable and natural gas power
generation and other infrastructure sectors; (iii) maintain
diversity in terms of geography, generation and counterparties; and
(iv) pay out 80 to 85 per cent of cash available for distribution
to the shareholders of the Company on an annual basis.
Forward-Looking Statements
This news release contains forward-looking statements about
TransAlta Renewables' objectives, plans, goals, intentions,
strategies, prospects and opportunities. Forward-looking statements
in this news release include statements relating to the
construction of the Big Level wind facility and the timing thereof;
the capacity of the Big Level wind facility; the commercial
operation for the Big Level wind facility; the benefits expected to
be derived from the Big Level wind facility, including as it
pertains to direct investment, jobs, landowner lease payments, tax
benefits, and clean energy; the amount of any tax benefits and
community payments associated with the Big Level wind facility;
and the extent of any wildlife impacts. These statements
are subject to a number of risks and uncertainties that could cause
actual plans, actions and results to differ materially from current
expectations including, but not limited to, the Company's ability
to secure tax equity or other financing for the Big Level wind
facility; changes in tax, regulatory, environmental, and other laws
and regulations; competitive factors in the renewable power
industry; operational breakdowns, failures, or other disruption
relating to construction or otherwise; changes in economic and
market conditions, and other risks and uncertainties discussed in
the Company's materials filed with the Canadian securities
regulatory authorities from time to time. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which reflect TransAlta Renewables' expectations only
as of the date of this news release. TransAlta Renewables disclaim
any intention or obligation to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
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SOURCE TransAlta Renewables Inc