08:29 AM EST, 11/14/2024 (MT Newswires) -- TransAlta ( TAC ) said Thursday it has amended its share purchase agreement with Energy Capital Partners to lower the purchase price for Heartland Generation and Alberta Power by 80 million Canadian dollars ($57 million) to reflect the required divestiture of Heartland's Poplar Hill and Rainbow Lake assets totaling 97 MW.

The transaction is now valued at around CA$542 million, including CA$232 million of debt and subject to further reduction of about CA$80 million to reflect the economic benefit of the Heartland business since Oct. 31, 2023, according to TransAlta ( TAC ).

TransAlta ( TAC ) said it entered into a consent agreement with the Competition Bureau commissioner, agreeing to sell Poplar Hill and Rainbow Lake assets after the transaction closes around Dec. 4.

The transaction, which will add 1,747 MW of complementary capacity, is also expected to generate annual corporate pre-tax synergies of around CA$20 million, TransAlta ( TAC ) said.

Price: 9.99, Change: -0.01, Percent Change: -0.10