The project, which was acquired from TransAlta Corporation ("TransAlta") in August of this year, has a total capital cost of approximately $14.5 million, with approximately 50 percent being funded through the support of Emissions Reduction Alberta. As part of the acquisition, TransAlta will pay a fixed monthly capacity charge for the right to operate and dispatch the battery in the Alberta market.
"We want to thank Tesla for working with us on this exciting project. The completion of the WindCharger project is an important milestone as we progress towards our goal of providing clean, reliable and low-cost energy solutions to our customers," said John Kousinioris, President. "This technology shows strong commercial potential and this particular installation has enough capacity to power all the homes in nearby Pincher Creek for approximately 90 minutes on only one charge."
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly traded renewable independent power producers ("IPP") in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.