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TransAlta Renewables Inc. Q3-2021 Earnings, Price Target Update

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Transalta Renewables (RNW), either directly or jointly through Transalta Corp.(TA-TSX) owns 2,772 MW(2,774 net to RNW) of power generation capacity. They own interests in 27 wind facilities, 13 hydroelectric facilities, eight natural gas generation facilities, twenty-one solar facilities, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,866MW of owned generating capacity, located in British Columbia, Alberta, Ontario, Québec, New Brunswick, Pennsylvania, New Hampshire, Wyoming, Massachusetts, Michigan, Minnesota, Washington, North Carolina, and Western Australia.

Facilities are located in British Columbia, Alberta, Ontario, Québec, New Brunswick, Wyoming and the Western Australia. 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. TransAlta manages and operates these facilities under the terms of a Management, Administrative and Operational Services Agreement.

Through tracking preferred shares they own interests in TransAlta Corp.(TA-TSX) Wyoming Lakeswind, Big Level and Antrim wind farms, Mass Solar projects in the US, and 450MW natural gas-fired generation in Australia. Total assets as of Sept-30-2021 were $3.6B compared to $3.7B as Dec-31-2020. The tracking shares representing the investments in US Wind and Solar Facilities and US Gas provide 19.8% voting interest in a subsidiary of TransAlta Corp. In the event that any dividends are six months in arrears they have the rights to appoint 72% of the board of directors. The preferred tracking shares comprise $1.1B of total assets.

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