TransAlta loses $65-million in Q1 First Quarter Highlights
Announced retirement plans for Tim Faithfull and Ambassador Gordon Giffin from the Board of Directors. Subsequent to the quarter, Tim Faithfull retired from the Board immediately following TransAlta's 2019 Annual and Special Meeting of Shareholders. Ambassador Gordon Giffin intends to retire as director and Board Chair in 2020.
Received approval from the Alberta Electric System Operator to extend the mothballing of Sundance Units 3 and 5 until November 1, 2021.
Approved the innovative 10MW Windcharger battery storage project that will store energy produced from our Summerview II Wind Farm in Tesla batteries. The project received co-funding support from Emissions Reduction Alberta and will be the first utility-scale battery storage facility in Alberta.
Agreed to issue $750 million of exchangeable securities to Brookfield Renewable Partners and its institutional partners (collectively "Brookfield") as part of a strategic partnership that realizes the value of our hydro assets, enhances our financial position to execute our strategy, and accelerates the opportunity to return capital to shareholders. The initial tranche of $350 million in exchange for unsecured, subordinated debentures was funded on May 1, 2019. TransAlta has also committed to returning up to $250 million of capital to shareholders through share repurchases within the next three years.
Important Subsequent Events
Signed an agreement to purchase a 49% interest in the Skookumchuck Wind Energy Facility upon commercial operation, which is expected in December of 2019. The 136.8 MW wind facility, located in Washington state near our Centralia Plant, has a 20-year power purchase agreement with an investment grade counterparty.
Announced that all resolutions at the Company's Annual and Special Shareholders' Meeting were approved, and that three new directors: Robert Flexon, Harry Goldgut and Richard Legault, were elected to the Board of Directors.