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TransAlta Announces Strategic Investment by Brookfield Renewable Partners
TransAlta Announces Strategic Investment by Brookfield Renewable Partners Canada N...
About this update from Transalta Corporation
[{"type":"text","content":"\n\n\n\nTransAlta Announces Strategic Investment by Brookfield Renewable Partners\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, March 25, 2019\n\n\n\nBrookfield Makes $750 Million Investment to Advance TransAlta's Transition to Clean Energy\nTransAlta to host Investor Conference Call at 7:00 AM MDT\nAll figures in Canadian dollars\n CALGARY, March 25, 2019 /CNW/ - TransAlta Corporation (\"TransAlta\" or \"the Company\") (TSX: TA) (NYSE: TAC) announced today an investment by Brookfield Renewable Partners and its institutional partners (collectively \"Brookfield\") that crystalizes the value of its Hydro Assets, enhances its financial position to execute its strategy, and accelerates the opportunity to return capital to shareholders. This investment will ensure TransAlta will transition to 100% clean energy by 2025.\nUnder the terms of the agreement, Brookfield will invest $750 million in TransAlta (the \"Investment\") through the purchase of exchangeable securities (described below), which will be convertible into an equity ownership interest in TransAlta's Alberta Hydro Assets in the future at a value based on a multiple of the future Hydro Assets' EBITDA. In addition, Brookfield has committed to purchase TransAlta common shares on the open market to increase its share ownership in TransAlta to 9%. TransAlta will include two experienced Brookfield nominees, Harry Goldgut and Richard Legault, on its slate of directors for election at the upcoming 2019 Annual and Special Meeting of shareholders (the \"2019 Meeting\"). TransAlta and Brookfield intend to work together to complete TransAlta's transition to clean energy, maximize the value of the Hydro Assets, and create long-term shareholder value. \nTransAlta also announced today that Robert Flexon, former CEO of Dynegy, has agreed to stand for election at the 2019 Meeting, bringing with him critical leadership skills and experience from the independent power-producing industry in the US.  \nInvestment Highlights\nSignificant $750 million capital inject...