On April 5, 2022, TransAlta Corporation announced it has entered into a long-term renewable energy purchase agreement with Meta, formerly known as the Facebook company, for the offtake of 100 percent of the generation from its 200 MW Horizon Hill Wind Power Project, to be located in Logan County, Oklahoma. Under this agreement, Meta will receive both renewable electricity and environmental attributes. This long-term contract with Meta enables TransAlta to add the 200 MW Horizon Hill Wind Project to its growing U.S. wind generation fleet. Wilson Sonsini Goodrich & Rosati represented TransAlta in the transaction.

The facility will consist of a total of 34 Vestas turbines with construction expected to begin in Q4 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate and own the facility. Total project capital is estimated at approximately US$290 million to US$310 million and is expected to be financed with existing liquidity and tax equity. Over 90 percent of the project costs are captured under executed fixed price turbine supply agreements with Vestas and executed engineering, procurement, and construction agreement with Infrastructure and Energy Alternatives. The facility is expected to generate total annual earnings before interest, taxes, depreciation, and amortization of approximately US$27 million to US$30 million including production tax credits. It is expected that Horizon Hill will remain a TransAlta project.

The Wilson Sonsini team that represented TransAlta in the transaction was led by Peter Mostow and Karli McConnell.

For more information, please see TransAlta's press release.