Client Work

TransAlta To Acquire Heartland Generation From Energy Capital Partners For $658 Million

November 22, 2023
Authors
Patrick T. Maguire KCVice Chair and Partner
Ashley M. WhitePartner
Anu NijhawanPartner
Shawn M. MunroPartner
Marshall R. HaugheyPartner
Scott H. D. Bower KCPartner
Zirjan (Zee) J. DerwaPartner
Allegra HesselsAssociate
Russell J. KrugerCounsel
Kolding LarsonAssociate
Logan LazurkoAssociate
Jessica MunroAssociate
Wade RitchieAssociate
Zachary ThackerAssociate

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:

  • Ashley White
  • Anu Nijhawan
  • Shawn Munro
  • Marshall Haughey
  • Scott Bower
  • Zee Derwa
  • Zakariya Chatur
  • Allegra Hessels
  • Russell Kruger
  • Kolding Larson
  • Logan Lazurko
  • Jon McKay
  • Jessica Munro
  • Wade Ritchie
  • Zachary Thacker

More information on the transaction is available here.

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For informational purposes only

This publication provides an overview of legal trends and updates for informational purposes only. For personalized legal advice, please contact the authors.

Authors

Patrick T. Maguire KC, Vice Chair and Partner
Calgary  •   403.298.3184  •   maguirep@bennettjones.com
Ashley M. White, Partner  •   Co-Head of Energy Practice
Calgary  •   403.298.3471  •   whitea@bennettjones.com
Anu Nijhawan, Partner  •   Co-Head of Tax Department
Calgary  •   403.298.3389  •   nijhawana@bennettjones.com
Shawn M. Munro, Partner
Calgary  •   403.298.3481  •   munros@bennettjones.com
Marshall R. Haughey, Partner
Calgary, Edmonton  •   403.298.3461  •   haugheym@bennettjones.com
Scott H. D. Bower KC, Partner   •   Co-Head of Research + Opinions Practice
Calgary  •   403.298.3301  •   bowers@bennettjones.com
Zirjan (Zee) J. Derwa, Partner
Toronto  •   416.777.6442  •   derwaz@bennettjones.com
Allegra Hessels, Associate
Calgary  •   403.298.4464  •   hesselsa@bennettjones.com
Russell J. Kruger, Counsel
Calgary  •   403.298.3487  •   krugerr@bennettjones.com
Kolding Larson, Associate
Toronto  •   416.777.7829  •   larsonk@bennettjones.com
Logan Lazurko, Associate
Calgary  •   403.298.7996  •   lazurkol@bennettjones.com
Jessica Munro, Associate
Calgary  •   403.298.3019  •   munroj@bennettjones.com
Wade Ritchie, Associate
Calgary, Edmonton  •   403.298.3034  •   ritchiew@bennettjones.com
Zachary Thacker, Associate
Calgary  •   403.298.3105  •   thackerz@bennettjones.com