TransAlta Inks Renewable Power Purchase Agreement With Meta

TransAlta Corp TAC has entered into a long-term renewable energy purchase agreement with Meta Platforms Inc FB for the offtake of 100% of the generation from its 200 MW Horizon Hill Wind Power Project to be located in Logan County, Oklahoma. Financial terms were not disclosed.
Meta will receive both renewable electricity and environmental attributes.
The contract with Meta enables TransAlta to add the 200 MW Horizon Hill Wind Project to its U.S. wind generation fleet.
The company expects construction of the facility to begin in 4Q22 with a target commercial operation date in the second half of 2023. TransAlta will construct, operate and own the facility.
Total project capital is estimated at $290 million to $310 million. The facility is expected to generate EBITDA of ~$27 million to $30 million, including production tax credits.
"Horizon Hill brings us to 40 per cent of our target of adding 2 GW of new renewables to our fleet by 2025 under our Clean Electricity Growth Plan," commented TransAlta CEO John Kousinioris.
Price Action: TAC shares are trading higher by 1.45% at $10.50 and FB higher by 0.21% at $234.38 on the last check Tuesday.