TransAlta Corp. has signed a purchase and sale agreement to acquire the 162MW Mountain Peak Power plant and the 156MW Canyon Peak Power plant from Blackstone for $1 billion.
The transaction includes the assumption of approximately $750 million of senior secured project debt and $250 million of equity. Both facilities are backed by tolling agreements with investment-grade customers extending beyond 25 years and provide full pass-through of fuel, operations and maintenance and capital costs, supporting long-term contracted cash flows. The assets are located in the Denver metropolitan area and have a combined generating capacity of 318MW. Mountain Peak Power entered service in September 2025, while Canyon Peak Power is expected to achieve commercial operations in the third quarter of 2026. The plants provide flexible natural gas-fired generation in a growing power market and are supported by long-term contractual arrangements designed to reduce merchant power price exposure.
CIBC Capital Markets and RBC Capital Markets are acting as underwriters for the offering.