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TransAlta Renewables Inc. Q3-2020 Earnings, Price Target Update

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Transalta Renewables (RNW), either directly or jointly through Transalta Corp.(TA-TSX) owns approximately 2,600 MW(3,600 gross) of power generation capacity. TransAlta Corp manages and operates these facilities. TransAlta Renewables owns 13 hydro facilities, 22 wind farms, a wind battery storage facility and one natural gas plant in Canada, and owns interests in TransAlta Corp.(TA-TSX) Wyoming, Lakeswind, Big Level and Antrim wind farms, Mass Solar projects and natural gas-fired generation in Australia and Canada. A wind battery storage facility (20MW) acquired from Transalta Corp. for $14M commenced commercial operations in Oct- 2020. During Q1-2021 an additional $439M of primarily wind power assets were acquired. Total assets as of Sept-30-2020 were $3.6B compared to $3.7B as Dec-31-2019. The 206MW Windrise wind farm located in southern Alberta is under construction. The Big Level and Antrim windfarms located in the commenced commercial operations in Dec-2019.

Facilities are located in British Columbia, Alberta, Ontario, Québec, New Brunswick, Wyoming and the Western Australia. Assets owned directly comprised $1.7B and held as interests with Transalta Corp. are $1.6B. TransAlta Corp(TA). Wind powered facilities located in Canada and the US contribute 51% of earnings, natural gas fueled facilities in Canada and Australia contribute 43%, hydro – 4%, and solar- 2%. Earnings fluctuate with seasonal variations, with the first and fourth quarters seeing the largest wind volumes. Transalta Corp. maintains a 60% interest compared to about 80% compared to when they initially formed Transalta Renewables. 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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