- TransAlta Corp (NYSE:TAC) has entered into a long-term renewable energy purchase agreement with Meta Platforms Inc (NASDAQ: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.
