CALGARY, Aug. 1, 2017 /PRNewswire/ - TransAlta Corporation
("TransAlta" or the "Company") (TSX: TA, NYSE: TAC) and TransAlta
Renewables Inc. ("TransAlta Renewables") (TSX: RNW) today responded
to Fortescue Metals Group Limited's ("FMG") view that the South
Hedland Power Station has not yet achieved commercial
operation.
All the conditions to establishing that commercial operations
have been achieved under the terms of the power purchase agreement
with FMG (the "PPA") have been satisfied in full. These
conditions include receiving a commercial operation certificate,
successfully completing and passing certain test requirements, and
obtaining all permits and approvals required from the North West
Interconnected System ("NWIS") and government agencies. The
South Hedland Power Station is fully operational and able to meet
all of FMG's requirements under the terms of the PPA.
The South Hedland Power Station, which is located in the Pilbara
Region of Western Australia, is a
150 MW combined-cycle natural gas power station that is one of the
most efficient power plants in Western
Australia, providing low cost electricity to its customers
and generating low greenhouse gas emissions.
About TransAlta Corporation:
TransAlta is a
power generation and wholesale marketing company focused on
creating long-term shareholder value. TransAlta maintains a
low-to-moderate risk profile by operating a highly contracted
portfolio of assets in Canada,
the United States and Australia. TransAlta's focus is to efficiently
operate wind, hydro, solar, natural gas and coal facilities in
order to provide customers with a reliable, low-cost source of
power. For over 100 years, TransAlta has been a responsible
operator and a proud contributor to the communities in which it
works and lives. TransAlta has been recognized on CDP's Canadian
Climate Disclosure Leadership Index (CDLI), which includes
Canada's top 20 leading companies
reporting on climate change, and has been selected by Corporate
Knights as one of Canada's Top 50
Best Corporate Citizens and is recognized globally for its
leadership on sustainability and corporate responsibility standards
by FTSE4Good.
About TransAlta Renewables Inc.
TransAlta
Renewables is among the largest of any publicly traded renewable
independent power producers ("IPP") in Canada. Our asset
platform and economic interests are diversified in terms of
geography, generation and counterparties and consist of interests
in 18 wind facilities, 13 hydroelectric facilities, eight natural
gas generation facilities (including South Hedland) and one natural
gas pipeline, representing an ownership interest of 2,441 MW of net
generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New
Brunswick, the State of
Wyoming and the State of Western
Australia. Our objectives are to (i) provide
stable, consistent returns for investors through the ownership of,
and investment in, highly contracted renewable and natural gas
power generation and other infrastructure assets that provide
stable cash flow primarily through long-term contracts with strong
counterparties; (ii) pursue and capitalize on strategic growth
opportunities in the renewable and natural gas power generation and
other infrastructure sectors; (iii) maintain diversity in terms of
geography, generation and counterparties; and (iv) pay out 80 to 85
per cent of cash available for distribution to the shareholders of
the Company on an annual basis.
Cautionary Statement Regarding Forward Looking
Information
This news release contains forward looking
statements, including statements regarding the business and
anticipated financial performance of the Company and TransAlta
Renewables that are based on the Company's and TransAlta
Renewable's current expectations, estimates, projections and
assumptions in light of their experience and their perception of
historical trends. In some cases, forward-looking statements can be
identified by terminology such as "plans", "expects", "proposed",
"will", "anticipates", "develop", "continue", and similar
expressions suggesting future events or future performance. In
particular, this news release contains forward-looking statements
pertaining to, without limitation, the following: the
satisfaction of all conditions to achieving commercial operations
under the terms of the PPA; the ability of the South Hedland Power
Station to meet all of the requirements of FMG under the terms of
the PPA; and the ability of the South Hedland Power Station to
provide low cost electricity and generate low greenhouse gas
emissions. These forward-looking statements are not historical
facts but reflect the Company's and TransAlta Renewables' current
expectations concerning future plans, actions and results. These
statements are subject to a number of risks and uncertainties that
could cause actual plans, actions and results to differ materially
from current expectations including, but not limited to: disputes
with counterparties; operational breakdowns, failures, or other
disruptions; and changes in economic and market conditions. Readers
are cautioned not to place undue reliance on these forward-looking
statements, which reflect the Company's and TransAlta Renewables'
expectations only as of the date of this news release. The Company
and TransAlta Renewables disclaim any intention or obligation to
update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law.
SOURCE TransAlta Corporation