TransAlta Corp. agreed to acquire two natural-gas-fired peaking facilities in Colorado from Blackstone Inc. for approximately US$1 billion [1].
The acquisition allows the Canadian power generator to expand its U.S. footprint and add long-term contracted cash flow to its portfolio [6]. By securing these assets, TransAlta strengthens its strategic position within the Western U.S. power market [2].
The deal includes the purchase of Mountain Peak Power, which has a capacity of 162 MW [3], and Canyon Peak Power, which provides 156 MW [3]. Together, the two facilities offer a total capacity of 318 MW [1]. As part of the transaction, TransAlta will assume US$750 million in debt [4].
To fund the acquisition, the company announced it is launching a bought-deal equity offering. While some reports cite a raise of $250 million [7], other sources said the offering is roughly $350 million [1].
TransAlta announced the agreement on June 3, 2026 [8]. The company signed the deal in Calgary, Canada, though the assets are located in Colorado [2].
“TransAlta Corp. agreed to acquire two natural-gas-fired peaking facilities in Colorado from Blackstone Inc. for approximately US$1 billion.”
This move signals TransAlta's strategy to stabilize revenue through contracted assets while increasing its operational scale in the U.S. market. By utilizing a combination of assumed debt and a significant equity raise, the company is leveraging its balance sheet to pivot toward peaking plants that provide essential grid stability during high-demand periods.
