Alberta Investment Management Corporation (AIMCo) has acquired an 8% stake in TransAlta Renewables for CAD $200 million. The acquisition means AIMCo is now the second largest shareholder in TransAlta Renewables. The transaction is expected to close on November 26, 2015.
AIMCo’s investment in TransAlta Renewables provides its clients an opportunity to participate in an attractive, internationally diversified portfolio of contracted clean-power generation assets with a long asset life and a favorable risk/return profile.
The TransAlta Renewables assets are an excellent complement to AIMCo’s existing $4 billion of investments in utilities, energy and power, and transportation.
“AIMCo is very pleased to become an important investor in TransAlta Renewables,” said Kevin Uebelein, AIMCo CEO. “TransAlta has set forth a bold transition plan that will see it become one of North America’s preeminent clean-power companies. TransAlta Renewables is an important part of that strategy. AIMCo is looking forward to a strong working relationship with TransAlta Renewables. We are also pleased to be making another investment in Alberta, where we currently have approximately $8 billion invested, representing about 9% of AIMCo’s assets under management.”
“We are pleased to have AIMCo, a high performance investment manager with global experience, join us as a significant investor in TransAlta Renewables. We remain committed to growing TransAlta Renewables and we look forward to a productive partnership with AIMCo,” said Dawn Farrell, President and CEO of TransAlta Corporation.
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