Transalta Corp 6-K, filed Apr 5, 2022
Transalta Corp (TAC)
About this 6-K
Transalta Corp filed this 6-K on April 5, 2022.
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2022
Commission File Number 001-15214
TRANSALTA
CORPORATION
(Translation of registrant's name into English)
110-12th Avenue S.W., Box 1900, Station “M”,
Calgary, Alberta, Canada, T2P 2M1
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ¨ Form 40-F þ
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). _____
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7). _____
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TRANSALTA CORPORATION | |
| By: | /s/ Todd Stack |
| Name: Todd Stack | |
| Title: Chief Financial Officer | |
Date: April 5, 2022
EXHIBIT INDEX
|
Exhibit Number |
Description of Document | |
| 99.1 | “TransAlta and Meta Announce 200 MW Renewable Power Purchase Agreement and Launch of the Horizon Hill Wind Project” |
Exhibit 99.1
TransAlta and Meta Announce 200 MW Renewable Power Purchase Agreement and Launch of the Horizon Hill Wind Project
CALGARY, AB, April 5, 2022 /CNW/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that it has entered into a long-term renewable energy purchase agreement with Meta, formerly known as the Facebook company, for the offtake of 100 per cent of the generation from its 200 MW Horizon Hill Wind Power Project ("Horizon Hill" or "facility"), to be located in Logan County, Oklahoma. Under this agreement, Meta will receive both renewable electricity and environmental attributes. This long-term contract with Meta enables TransAlta to add the 200 MW Horizon Hill Wind Project to its growing US wind generation fleet.
"Since 2020, Meta has supported its global operations with 100 per cent wind and solar energy. As our footprint grows, it's key that we find strong partners who can help us continue to meet that goal by bringing new renewable energy to the grid," said Urvi Parekh, head of renewable energy at Meta. "We are excited to partner with TransAlta to make this 200 MW project a reality."
"TransAlta is excited to partner with Meta to make Horizon Hill a reality. The delivery of clean, low-cost, reliable energy from Horizon Hill supports Meta's sustainability goals and provides another excellent opportunity to expand our wind fleet in the United States," said John Kousinioris, President and Chief Executive Officer of TransAlta. "Horizon Hill brings us to 40 per cent of our target of adding 2 GW of new renewables to our fleet by 2025 under our Clean Electricity Growth Plan."
The facility will consist of a total of 34 Vestas turbines with construction expected to begin in Q4 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate and own the facility. Total project capital is estimated at approximately US$290 million to US$310 million and is expected to be financed with existing liquidity and tax equity. Over 90 per cent of the project costs are captured under executed fixed price turbine supply agreements with Vestas and executed engineering, procurement, and construction agreement with Infrastructure and Energy Alternatives ("IEA"). The facility is expected to generate total annual earnings before interest, taxes, depreciation and amortization ("EBITDA") of approximately US$27 million to US$30 million including production tax credits. It is expected that Horizon Hill will remain a TransAlta project.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy-efficient and reliable power. Today, TransAlta is one of Canada's largest producers of wind power and Alberta's largest producer of hydroelectric power. For over 100 years, TransAlta has been a responsible operator and a proud community-member where its employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals.
For more information about TransAlta, visit our web site at transalta.com.
Cautionary Statement Regarding Forward-looking
Information
This news release contains "forward-looking information", within the meaning of applicable Canadian securities laws,
and "forward-looking statements", within the meaning of applicable United States securities laws, including the United States
Private Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward-looking statements"). In some
cases, forward-looking statements can be identified by terminology such as "plan", "expected", "estimated",
"will", "continue", "goal", "target" and similar expressions suggesting future events or future
performance. In particular, this news release contains, without limitation, statements pertaining to: the timing of turbine construction
and commercial operation of the Horizon Hill Wind project; the Company's Clean Electricity Growth Plan and achieving the target of 2 GW
of new generation by 2025; the estimated construction capital for the Horizon Hill project; the expected project costs and annual
EBITDA generation; the financing of the construction capital and ability to secure tax equity financing; the Horizon Hill project qualifying
for production tax credit; and the Horizon Hill project remaining a TransAlta project. The forward-looking statements contained
in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience
and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating
to the extent of regulations pertaining to COVID-19 not becoming significantly more onerous. These statements are subject to a number
of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements.
Some of the factors that could cause such differences include: the effects of weather, catastrophes and public health crises, including
COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation
of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely
fashion, or at all; and other risks and uncertainties discussed in the Company's materials filed with the securities regulatory authorities
from time to time and as also set forth in the Company's Management's Discussion and Analysis and Annual Information Form for the year
ended December 31, 2021. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect TransAlta's
expectations only as of the date of this news release. The purpose of the financial outlooks contained in this news release are to give
the reader information about management's current expectations and plans and readers are cautioned that such information may not be appropriate
for other purposes and is given as of the date of this news release. TransAlta disclaims 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.
Non-IFRS Measures
This news release contains references to financial measures that are calculated and presented using methodologies other than
in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards
Board, including EBITDA, and such measures may not be comparable to similar measures presented by other entities. These non-IFRS measures
should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain additional disclosures
for these non-IFRS financial measures have been incorporated by reference and can be found in TransAlta's Management's Discussion and
Analysis for the year ended December 31, 2021, available on SEDAR at www.sedar.com, on the U.S. Securities and Exchange Commission website
at www.sec.gov, and on TransAlta's website under the Investor Centre section. TransAlta utilizes these measures in managing the business,
including for performance measurement, capital allocation and valuation purposes and believes that providing these performance measures
on a supplemental basis to its IFRS results is helpful to investors in assessing the overall performance of TransAlta's businesses. TransAlta
cautions readers that these non-IFRS financial measures or other financial metrics may differ from the calculations disclosed by other
businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.
Note: All financial figures are in Canadian dollars unless otherwise indicated.
View original content:https://www.prnewswire.com/news-releases/transalta-and-meta-announce-200-mw-renewable-power-purchase-agreement-and-launch-of-the-horizon-hill-wind-project-301517670.html
SOURCE TransAlta Corporation
View original content: http://www.newswire.ca/en/releases/archive/April2022/05/c0496.html
%CIK: 0001144800
For further information: Investor Inquiries: Phone: 1-800-387-3598 in Canada and U.S., Email: investor_relations@transalta.com; Media Inquiries: Phone: 1-855-255-9184, Email: ta_media_relations@transalta.com
CO: TransAlta Corporation
CNW 07:00e 05-APR-22