Search form

    TransAlta Renewables Announces the Acquisition of a Fully Contracted 122 MW Solar Portfolio in North Carolina

  • Sep 02, 2021

    TransAlta Renewables Inc. announced today that it has entered into definitive agreements for the acquisition of a 122 MW portfolio of operating solar facilities located in North Carolina (collectively, "North Carolina Solar").

    The assets will be acquired from a fund managed by Copenhagen Infrastructure Partners for US$96.65 million, subject to working capital adjustments and the assumption of existing tax equity obligations. The acquisition will be funded using existing liquidity. Income distributions to the Company will be net of cash and tax attributes provided to the tax equity investor. The acquisition is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2021. The transaction is structured so that at closing, TransAlta Renewables will acquire a 100% economic interest in North Carolina Solar from a wholly-owned subsidiary of TransAlta Corporation through a tracking share structure.

    "This purchase marks an important and significant expansion of our solar footprint in the United States and is a natural fit for TransAlta Renewables given our focus on diversified, highly-contracted cash flows from strong counterparties," said Todd Stack, President of TransAlta Renewables. "The acquisition further strengthens our expertise in solar energy and adds a new, high-quality customer in a region where we see significant opportunities for solar growth. We are excited to continue along our path of expanding our position as a market leader in clean renewable electricity."

    The North Carolina Solar portfolio consists of 20 solar photovoltaic facilities across North Carolina, with an aggregate capacity of 122 MW. The facilities are all operational and were commissioned between November 2019 and May 2021. The facilities are secured by long-term power purchase agreements ("PPAs") with two subsidiaries of Duke Energy ("Duke"), which have an average remaining term of 12 years. Under the PPAs, Duke receives the renewable electricity, capacity, and environmental attributes from each facility. North Carolina Solar is expected to generate an average annual EBITDA of approximately US$9 million and average annual cash available for distribution ("CAFD") of approximately US$7 million.

    Investment Highlights

    • Expected production of approximately 195,000 MWh per year
    • Acquisition cost of US$96.65 million
    • Average annual EBITDA and CAFD of approximately US$9 million, and US$7 million, respectively
    • Investment Tax Credit ("ITC") Partnership flip-based tax equity structures with target flip dates in 2026 – 2028, with assumed tax equity obligations of US$28 million at close, reducing to US$11 million by end of 2021 upon monetization of the ITC
    • Long term contracted cashflows with investment grade counterparties, and
    • Provides further geographic, technology and counterparty diversification with potential synergies for future growth

    Portfolio Overview

    • 20 operating facilities across North Carolina ranging in size from 3.2 MW to 6.7 MW
    • Commercial operational dates ranging from November 2019 to May 2021, and
    • Average remaining PPA term of 12 years with Duke

    SOURCE: TransAlta Renewables Inc.

  • Industry News

    Signify, the world leader in lighting, will enhance road safety and improve the driving experience in Stockholm’s E4 Bypass tunnel, connecting the northern and southern parts of Stockholm County. Of the road’s 21 kilometers, more than 18 kilometers will be in a tunnel, making it one of the longest road tunnels in Europe, and one of Sweden's largest and most prestigious infrastructure projects to date.  
     

    Bosch Rexroth, EPLAN, Festo, Murrelektronik, PILZ, Rittal and WAGO, seven prominent companies in automation and advanced manufacturing, based in Canada with their headquarters in Germany, are hosting Canada’s third edition of the German Technology Day.

    What’s New

  • Keeping Current

    LUMEN, A Sonepar Company, announces two important appointments.

    Gilles Motard has been appointed Vice-President of Operations. With an MBA specializing in logistics and transport, Gilles has been in the field of distribution center operations for over 30 years. His main task will be to support the distribution center team while optimizing its operations and logistics.

    During the past few years, he was Vice President of Operations at Sysco, a company that had to face all the logistical challenges related to the restaurant markets which were severely affected by the pandemic. He was also logistics and operations director of the ABB Bromont distribution center from 2015 to 2020.

    Yves Martin becomes Director of Supplier Strategies - Distribution Center, under the supervision of Gilles Motard.

    IMARK CANADA announces the winners of the 2021 Distinguished Performance Awards. Award winning companies were selected based on superior
    performance during the period of time between July 1, 2020 and July 31, 2021.

    The IMARK Canada members listed below were recognized (based on objective criteria tracked by IMARK HQ) for their effective implementation of IMARK Canada marketing programs and their exemplary support of IMARK Canada preferred suppliers.

    Oscan Electrical Supplies of Oshawa, Ontario is the 2021 IMARK Canada Member of the Year. The criterion for this award includes growth on purchase volume, the number of IMARK Canada suppliers purchased from and Joint Market planning activities and success.

    RUSSELECTRIC, A Siemens Business, announces the appointment of Don Bachman as Head of Strategy for Russelectric, A Siemens Business. In this newly created role, Don will focus on the creation and execution of key strategic initiatives around the company’s overall business plans as well as the broader Siemens’ solutions.

    “Don Bachman comes to us with a wealth of knowledge and experience in the critical power market, with 35+ years of industry experience,” said Jason Martin, Head of Russelectric, A Siemens Business. “During his career, he’s excelled in Sales, Marketing, Product Management, Business Development and overall General Management roles. I am very excited to see what Don and all of us will create together.”

    WESTBURNE Ontario Division announces two new additions to the Senior Leadership Team.

    Mark McArthur has been promoted to Eastern District Manager effective September 1st, 2021. Mark will be responsible for Westburne’s branches in Belleville, Brockville, Cobourg, Cornwall, Kingston, Lindsay, Oshawa, Ottawa, Pembroke, Peterborough, and Smiths Falls. The Ottawa East branch will continue to report to the Ottawa West Branch Manager.

  • Product Showcase

    Signify (Euronext: LIGHT), the world leader in lighting, announces that Philips Hue has created the first deep integration of lighting and music, providing consumers around the globe with an immersive light and music experience like no other. Thanks to Philips Hue + Spotify, the Philips Hue system is enriched with a new algorithm that analyzes the metadata of each song in real time to make the lights flash, dim, brighten, and color change right along with the beat, mood, genre and tempo of any music on Spotify.

    Advanced light scripts for every song

    A unique Craftsman styled fan integrated lighting fixture. The 36-inch Prime Landesboro Chandel-Air (model 196335) is unveiled by Meyda Lighting

    A stunning Botticino Idalight diffuser is enhanced with a frame and hardware featured in a warm Mahogany Bronze finish. This modern marvel illuminates with Integral energy efficient LEDs. 

    In summer, the fan pushes down a windchill that circulates to keep the space cool and comfortable.  In winter, the fan is reversed to pull the room air up towards the ceiling and force the warm air back down into your space.  

  • Product Safety Alert

  • UPCOMING EVENTS

    September 27, 2021 to September 29, 2021
    October 05, 2021 to October 07, 2021
    November 02, 2021 to November 03, 2021
    November 09, 2021 to November 10, 2021
    May 04, 2022 to May 05, 2022
  • EL Newswire

    Electricalline Newswire

    Keep up-to-date with the latest news affecting your industry, personnel appointments, career opportunities, upcoming events and new product launches by subscribing to EL Newswire.

    Email Address: