Growth
At TransAlta, growth is grounded in disciplined execution and long-term value creation.
Our growth strategy
We are one of Canada’s largest publicly traded power generators, owning and operating a technology-diverse fleet across Canada, the United States and Western Australia. Our portfolio includes hydro, wind, solar, battery storage and thermal generation, complemented by asset optimization and energy marketing capabilities.
We take a practical, responsible approach to meeting today’s energy needs while building for what comes next.
Canada
United States
Western Australia
Our progress
Advance legacy sites
We are advancing redevelopment opportunities at existing thermal sites in Alberta and Washington State, where established infrastructure provides unique advantages for customers.
Recent examples include:
- A long-term tolling agreement with Puget Sound Energy to convert our 700 MW Centralia Unit 2 facility from coal to natural gas, extending the life of the asset and generating contracted cash flow through 2044.
- A Memorandum of Understanding with Canada Pension Plan Investments and Brookfield to advance phased data centre development at our Keephills site in Alberta, where TransAlta will be the exclusive site and power provider.
- These projects leverage existing turbines, transmission infrastructure and land position to deliver reliable, dispatchable power while strengthening our contracted cash flow profile.
Execute accretive M&A
We pursue acquisitions within our core jurisdictions that are complementary to our portfolio and enhance our contracted cash flow profile.
Recent examples include:
- In February 2026, we closed the acquisition of Far North Power Corporation, adding 310 MW of natural gas-fired capacity in Ontario. The transaction increased our installed capacity in the province to 1,384 MW and strengthened our position in a core Canadian market.
- In December 2024, we closed the acquisition of Heartland Generation, adding 1,747 MW of complementary natural gas, cogeneration and peaking capacity in Alberta.
We remain focused on disciplined opportunities that are accretive and aligned with our risk management framework.
Develop greenfield projects
Our development pipeline provides long-term optionality across fuel types and technologies, focused on opportunities that meet customer needs and deliver attractive risk-adjusted returns.
The pipeline includes mid-stage and early-stage projects, with continued focus on:
- Greenfield opportunities in Canada, the western United States and Western Australia
- Strategic partnerships, including our investment in Nova Clean Energy, LLC, which provides the exclusive right to purchase late-stage renewable development projects in the western United States
Each opportunity is evaluated against disciplined return thresholds and customer demand.
