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Recommendation Changes
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TransAlta Renewables Corp. Q1-2018 Earnings & Price Target Update

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TransAlta Renewables (RNW) owns interests in 18 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities and one natural gas pipeline in Australia, representing an ownership interest of 2,407 MW of net generating capacity. Facilities are located in British Columbia, Alberta, Ontario, Qu├ębec, New Brunswick, Wyoming and the Western Australia. This includes economic interests in the 144 MW Wyoming wind farm and the Australian Assets, comprised of 450 MW. They hold economic interests in TransAlta's Wyoming Wind farm, Lakes Wind Farm, Mass Solar solar projects, Australian Assets, and the Big Level and Antrim US wind development projects. In total, they own, directly or through economic interests, an aggregate of 2,407 MW of net generating capacity. TransAlta Corp. (TA) manages and operates these facilities on their behalf under the terms of a Management, Administrative and Operational Services Agreement. Total assets as of Jun-30-2018 are $3.79B compared to 3.84B at Dec-31-2016.

Earnings fluctuate with seasonal variations, with the first and fourth quarters seeing the largest wind volumes and the second and third quarters recording higher hydro volumes. As wind forms a larger part of our renewable fleet, higher revenues and earnings are expected in the first and fourth quarters.

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. Transalta maintains a 60% interest compared to about 80% compared to when they initially formed Transalta Renewables to hold their renewable facilities held in Transalta Corp. (TA). A secondary offering on Jul-19-2017 representing 7% was likely from Transalta Corp., the Alberta Investment Management Corp. maintains an 8% interest.

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