TransAlta buying two gas power plants in Colorado in deal worth US$1B

A woman walks towards the entrance of the TransAlta headquarters building in Calgary, on Tuesday, April 29, 2014. THE CANADIAN PRESS/Larry MacDougal

CALGARY — TransAlta Corp. has signed a deal to buy a pair of natural gas power projects in Colorado from Blackstone Inc. in an agreement valued at US$1.0 billion, including the assumption of US$750 million in debt.

Under the transaction, the Calgary-based company will acquire Mountain Peak Power LLC and Canyon Peak Power LLC.

Mountain Peak Power has been operating since September 2025 and has 162 megawatts of capacity, while Canyon Peak Power is expected to enter commercial service in the third quarter of this year and have 156 megawatts of capacity.

TransAlta says the acquisition is subject to Canyon Peak Power achieving commercial in-service as well as customary closing conditions.

The deal expected to close early in the fourth quarter.

To help pay for the acquisition, TransAlta has signed a deal with a syndicate of underwriters to raise C$350 million in an offering of 18.2 million shares at a price of C$19.20 per share.

This report by The Canadian Press was first published June 4, 2026.