TransAlta Renewables Inc. Price Target Update
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TransAlta Renewables owns and operates 13 hydro facilities and 18 wind farms in Western and Eastern Canada, and 8 natural gas generation facilities including one under construction in Australia. This includes economic interests in TransAlta Corp. (TA-TSX) 425 MW Australian gas-fired generation assets, their Wyoming wind farm and preferred tracking shares in certain Canadian facilities. The Australian assets are comprised of the 150 MW South Hedland facility currently under construction, a 270 km gas pipeline and four natural gas fuelled power generating facilities. They own directly or through economic interests an aggregate of 2,441MW of gross generating capacity located in British Columbia, Alberta, Ontario, Québec, New Brunswick, the State of Wyoming and the State of Western Australia. TransAlta Corp. manages and operates these facilities under the terms of a Management, Administrative and Operational Services Agreement. By fuel type, 44% of production is from natural gas, 51% wind and 5% from hydro. By location 40% of power generated is in Alberta, 30% in Ontario with the balance split between Australia, New Brunswick, BC and Quebec.
During Q1-2016 they invested in Canadian tracking preferred shares issued by Transalta Corp. paying 7.2%. The shares represent an investment in Transalta's Sarnia cogeneration plant, Le Nordais wind farm, and Ragged Chute hydro facility comprising 611 MW of contracted power generation assets located in Ontario and Quebec. This is an economic interest, not direct ownership.
Total assets as of Mar-31-2017 were $3.9B of which $2B represent direct ownership and $1.9B is an investment in preferred shares of the TransAlta Corp. operating facilities.
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