TransAlta to Supply Meta Platforms with Renewable Energy

By Adriano Marchese

TransAlta Corp. said Tuesday that it would provide renewable energy to Meta Platforms Inc. from a wind-power project in Oklahoma currently under development.

The Canadian electricity power generator said it has entered into a long-term renewable energy purchase agreement with Meta, formerly known as the Facebook, Inc., for the offtake generation of its 200-megawatt Horizon Hill facility, a late-stage development project located in Logan County, Okla.

The construction of the facility is expected to begin in the fourth quarter of this year and would consist of 34 Vestas turbines, with a commercial operation date set for the second half of 2023.

The total project capital is estimated to be $290 million to $310 million and is expected to generate total annual earnings before interest, taxes, depreciation, and amortization of $27 million to $30 million, including production tax credits.

With Horizon Hill, TransAlta would achieve 40% of its target of adding two gigawatts of new renewable energy by 2025 under its Clean Electricity Growth Plan, TransAlta President and Chief Executive Officer John Kousinioris said.

Write to Adriano Marchese at [e-mail]

(END) Dow Jones Newswires

April 05, 2022 07:49 ET (11:49 GMT)

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