Renewables Growth Targets and Declares Dividend Increase - TransAlta has established targets to deliver 2 GW of incremental renewables capacity with a targeted investment of $3 billion by 2025
- TransAlta will accelerate its growth with a focus on customer-centred renewables and storage through the execution of its 3 GW development pipeline
- TransAlta will suspend the Sundance Unit 5 repowering
- TransAlta will retire Keephills Unit 1 effective December 31, 2021, and retire Sundance Unit 4 effective April 1, 2022
- TransAlta's Board of Directors has approved an 11 per cent dividend increase on its common shares
- TransAlta will be completely off-coal by the end of 2025 and will realize a 70% reduction on carbon emissions by 2030 against a 2005 baseline
CALGARY, AB, Sept. 28, 2021 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) is pleased to announce its strategic growth targets, which strengthen the Company's commitment to being a leader in clean electricity by delivering customer-centered power solutions. The strategic growth targets include adding 2 GW of new capacity to the Company's fleet, and investing approximately $3 billion developing, constructing and acquiring new assets by the end 2025.
"We have significant growth aspirations across Canada, the United States and Australia with a focus on renewable and storage power solutions for large customers," remarked John Kousinioris, President and Chief Executive Officer of TransAlta. "As we look forward to 2025, we are confident in our investment strategy and the decision to expand further into contracted renewables with onshore wind, solar and battery storage across our platform. We believe this enhanced customer focus on renewable generation and storage will provide significant value for our shareholders."
The Company is also pleased to announce that its Board of Directors (the "Board") has approved an 11 per cent increase on its common share ("Common Share") dividend and declared a dividend of $0.05 per Common Share to be payable on January 1, 2022 to shareholders of record at the close of business on December 1, 2021. The quarterly dividend of $0.05 per Common Share represents an annualized dividend of $0.20 per Common Share.
"This decision represents the third dividend increase by the Company in the past two years and reflects the Board's confidence in the Company's strategic direction while affirming the Company's commitment to realizing returns for its shareholders," said John Kousinioris.
https://www.prnewswire.com/news-releases/transalta-establishes-renewables-growth-targets-and-declares-dividend-increase-of-11-301386352.html