TransAlta Puts Up $318M For 125-MW Aussie Power Station

Law360, New York (September 5, 2012, 1:19 PM EDT) -- Canadian power company TransAlta Corp. has bought a 125-megawatt generation facility in western Australia from Perth-based Fortescue Metals Group Ltd. for $318 million, TransAlta announced Tuesday.

The Calgary, Alberta-based firm acquired the dual-fuel Solomon power station, located in the iron-ore rich Solomon Hub in the Pilbara region of western Australia. The agreement calls for TransAlta to sign a long-term power purchase agreement with Fortescue to to support the Australian firm's extensive mining operations in the Solomon Hub.

The deal increases TransAlta's net generation capacity in western...
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