TransAlta Renewables gets $200M from AIMCo
Investing $540 million in cogeneration plant, wind farm and hydro facility in Ontario and Quebec.
CALGARY — A day after the Alberta government unveiled its plan to tackle climate change, Alberta’s pension fund manager is investing $200 million in green energy.
Alberta Investment Management Corp., which has $85 billion in assets under management, is investing $200 million in TransAlta Renewables, an affiliate of power producer TransAlta Corp.
“TransAlta has set forth a bold transition plan that will see it become one of North America’s pre-eminent clean power companies,” said AIMCo CEO Kevin Uebelein.
“TransAlta Renewables is an important part of that strategy. AIMCo is looking forward to a strong working relationship with TransAlta Renewables.”
Once the deal closes, TransAlta Corp. will own 65% of TransAlta Renewables and AIMCo will own 8%.
AIMCo invests globally on behalf of 27 pension, endowment and government funds in Alberta, but operates at arms-length from the provincial government.
Part of the Alberta government’s sweeping climate change plan unveiled Sunday involves the phase-out of the province’s coal-fired power by 2030.
TransAlta Corp. operates five coal-fired plants in Alberta.
TransAlta Renewables said it’s investing a combined $540 million in a cogeneration plant, wind farm and hydro facility owned by TransAlta Corp. in Ontario and Quebec.
© 2015 The Canadian Press