On December 22, 2021, TransAlta Corporation announced that it has entered into two long-term power purchase agreements (PPAs) for the offtake of 100 percent of the generation from its 300 MW White Rock East and White Rock West Wind Power Projects (collectively, “White Rock Wind Project”) to be located in Caddo County, Oklahoma. Contracting the renewable electricity and environmental attributes to an outstanding new customer with an AA credit rating from S&P Global Ratings enables TransAlta to move into the construction phase and add the 300 MW White Rock Wind Project to its growing wind generation fleet. Wilson Sonsini Goodrich & Rosati represented TransAlta in the negotiation of key commercial contracts for the White Rock Wind Project.

The White Rock Wind Project will consist of a total of 51 Vestas turbines with construction expected to begin in late 2022 and a target commercial operation date in the second half of 2023. TransAlta will construct, operate, and own the facility. Total construction capital is estimated at approximately $460 million to $470 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 fixed price engineering, procurement, and construction agreements with M.A. Mortenson Company. The project is expected to generate total annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of approximately $44 million, including production tax credits.

At 300 MW, the White Rock Wind Project is the largest wind project TransAlta has undertaken to date and represents TransAlta’s continued commitment to its Clean Electricity Growth Plan of delivering 2 GW of capacity by 2025.

Wilson Sonsini represented TransAlta in the negotiation of the PPA, the turbine supply agreements with Vestas, the EPC with Mortenson, and other structuring documentation. The team included Peter Mostow, Matt Bogdan, Karli McConnell, Keene O’Connor, Hershel Wein, Anna Sherman, and Andy Braff.

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