08:27 AM EST, 12/04/2024 (MT Newswires) -- TransAlta ( TAC ) said Wednesday it completed its acquisition of Heartland Generation and Alberta Power from Energy Capital Partners for $542 million Canadian dollars ($385.3 million).

The deal includes Heartland's business operations in Alberta and British Columbia in Canada, TransAlta ( TAC ) said.

The company also said Energy Capital Partners will be entitled to get the proceeds from the divestiture of Heartland's Poplar Hill and Rainbow Lake assets following closing.

TransAlta ( TAC ) said it agreed to divest the assets under a consent agreement that it entered into with the Commissioner of Competition to meet the requirements of the federal Competition Bureau.