CALGARY, AB, Oct. 15, 2020 /PRNewswire/ - TransAlta
Renewables Inc. ("TransAlta Renewables" or the "Company") (TSX:
RNW) announced that its 10 MW WindCharger battery storage project
("WindCharger") began commercial operation on October 15, 2020. WindCharger is Alberta's first utility-scale, lithium-ion
energy storage project and utilizes Tesla Megapack
technology. It has a nameplate capacity of 10MW and total
storage capacity of 20MWh. This technology can be fully charged in
approximately two hours and will be powered by the Company's
Summerview II wind farm, making it a truly renewable battery energy
storage system. WindCharger did not require any new infrastructure
investments as it is an entirely behind-the-fence project.
The project, which was acquired from TransAlta Corporation
("TransAlta") in August of this year, has a total capital cost of
approximately $14.5 million, with
approximately 50 percent being funded through the support of
Emissions Reduction Alberta. As part of the acquisition,
TransAlta will pay a fixed monthly capacity charge for the right to
operate and dispatch the battery in the Alberta market.
"We want to thank Tesla for working with us on this exciting
project. The completion of the WindCharger project is an important
milestone as we progress towards our goal of providing clean,
reliable and low-cost energy solutions to our customers," said
John Kousinioris, President. "This
technology shows strong commercial potential and this particular
installation has enough capacity to power all the homes in nearby
Pincher Creek for approximately 90
minutes on only one charge."
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 23 wind facilities, 13 hydroelectric
facilities, seven natural gas generation facilities, one solar
facility, one natural gas pipeline, and one battery storage
project, representing an ownership interest of 2,537 megawatts 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.
Cautionary Statement Regarding Forward Looking
Information
This news release contains forward looking statements within
the meaning of applicable securities laws. The use of
any of the words "expect", "anticipate", "continue",
"estimate", "may", "will", "project", "should", "propose", "plans",
"intends" and similar expressions are intended to identify forward
looking information or statements. More particularly, and without
limitation, this news release contains forward looking statements
and information relating to the time to charge
the battery storage system; the receipt of approximately 50 percent
of capital costs being funded through the support of Emissions
Reduction Alberta; and the battery storage project has enough
capacity to power all the homes in Pincher Creek for approximately 90 minutes on
only one charge. These forward looking statements are
based on a number of assumptions considered by the Company to be
reasonable as of the date of this news release, including, but not
limited to, the following: no significant changes to applicable
laws and regulations; and assumptions
regarding our current strategy and priorities. The forward
looking statements are subject to a number of risks and
uncertainties that may cause actual performance, events or results
to differ materially from those contemplated by the forward looking
statements, which include: competitive factors in the
renewable power industry; technology risks; changes in economic and
market conditions; changes in laws and regulations; and other risks
and uncertainties discussed in the Company's Annual Information
Form and Management's Discussion and Analysis , filed under the
Company's profile with the Canadian securities regulators on
www.sedar.com. Readers are cautioned not to place undue reliance on
this forward looking information, which is given as of the date it
is expressed in this news release. The Company undertakes no
obligation to update or revise any forward looking information
except as required by law.
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SOURCE TransAlta Renewables Inc