TransAlta Corporation has announced its strategic growth targets, which strengthen the company’s commitment to being a leader in clean electricity by delivering customer-centered power solutions. The targets include adding 2 GW of new capacity to the fleet and investing about $3 billion in developing, constructing and acquiring new assets by the end of 2025.
“We have significant growth aspirations across Canada, the United States and Australia with a focus on renewable and storage power solutions for large customers,” remarked John Kousinioris, president and chief executive officer of TransAlta. “As we look forward to 2025, we are confident in our investment strategy and the decision to expand further into contracted renewables with onshore wind, solar and battery storage across our platform. We believe this enhanced customer focus on renewable generation and storage will provide significant value for our shareholders.”
In addition, the Board of Directors has approved an 11% increase in its common share dividend and declared a dividend of $0.05 per common share to be payable on Jan. 1, 2022, to shareholders of record at the close of business on Dec. 1, 2021.
“This decision represents the third dividend increase by the company in the past two years and reflects the Board’s confidence in the company’s strategic direction while affirming the company’s commitment to realizing returns for its shareholders,” said John Kousinioris.
The company’s recently adopted strategic growth targets include:
- Delivering 2 GW of incremental renewables capacity with a targeted investment of $3 billion by the end of 2025. Already this year, the company has announced 300 MW of new build projects and asset acquisitions and has 500 MW in advanced-stage development;
- Accelerating growth into customer-centered renewables and storage through the development of its 3-GW pipeline;
- Expanding the company’s development pipeline to 5 GW by 2025 to enable a two-fold increase in its renewables fleet by 2030;
- Realizing targeted diversification and value creation by focusing on expanding our platform in each of our core geographies (Canada, U.S. and Australia); and
- By the end of 2025, defining the next generation of power solutions and technologies and potential for parallel investments in new complementary sectors.
TransAlta is actively advancing its development pipeline, which consists of 1.2 GW in the U.S., up to 2 GW in Canada and 270 MW in Australia. The recently announced acquisition of a 122-MW portfolio of operating solar facilities in North Carolina is expected to close in mid-October. The company intends to further expand its solar generation by actively pursuing solar opportunities in the U.S. and Australian markets.
TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the U.S. and Australia with a focus on long-term shareholder value. TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of hydroelectric power.