![]() Client Work TransAlta To Acquire Heartland Generation From Energy Capital Partners For $658 MillionNovember 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:
More information on the transaction is available here. Republishing Requests For permission to republish this or any other publication, contact Amrita Kochhar at kochhara@bennettjones.com. 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. AuthorsPatrick 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 |