Key facts
- TransAlta is acquiring two natural gas-fired peaking facilities in Colorado from Blackstone for $1 billion.
- The acquired assets, Mountain Peak Power and Canyon Peak Power, have a combined capacity of 318 megawatts.
- The facilities are fully contracted under long-term agreements for over 25 years.
- The transaction is expected to generate about $80 million in annual adjusted core profit and $33 million in free cash flow.
- TransAlta announced a concurrent $350 million bought deal offering of common shares.
- The acquisition is expected to close in early fourth quarter of 2026.
Canadian power producer TransAlta Corp. announced on June 3, 2026, that it will acquire two natural gas-fired peaking facilities, Mountain Peak Power and Canyon Peak Power, near Denver, Colorado, from Blackstone for approximately $1 billion. These facilities have a combined capacity of 318 megawatts and are fully contracted under long-term tolling agreements with investment-grade customers for more than 25 years. The deal involves assuming $750 million in project-level debt and raising about $250 million in equity through a share sale. The assets are expected to generate about $80 million in annual adjusted core profit and roughly $33 million in free cash flow, with potential additional upside from performance incentives. TransAlta stated the deal will immediately add to free cash flow per share in the low-to-mid single digits. The transaction is anticipated to close in early fourth quarter of 2026, subject to the completion of the Canyon Peak facility, which is set to begin operations in the third quarter.