TransAlta Renewables subsidiary Windrise Wind completes $172 million green bond offering

Windrise Wind LP, an indirect wholly-owned subsidiary of TransAlta Renewables Inc., completed a $172.8 million green bond offering, which is secured by a first ranking charge over all assets of Windrise, including a 206.4 megawatt wind generating facility located in located in the Municipal District of Willow Creek No. 26, Alberta on approximately 11,000 acres of privately-owned land. The facility achieved commercial operations on November 10, 2021 and has a 20-year offtake agreement with the Alberta Electric System Operator (AESO).

The bonds are amortizing and bear interest from their date of issue at a rate of 3.412 percent and mature on September 30, 2041. Payments on the bonds will be interest-only to and including December 31, 2022, with quarterly blended payments of principal and interest commencing on March 31, 2023. The bonds are aligned with the four components of the 2021 International Capital Markets Association Green Bond Principles.

Norton Rose Fulbright acted as counsel for Windrise Wind LP, with a team led by Nicole Sigouin (Business Law), and supported by Evelyn Li (Business law), Russell Dufault (Business law), Mark Bissegger (Business law), Eric Vice (Business law), Annette Lambert (Business law), and Richard Li (Business law).

McCarthy Tétrault LLP acted for the bondholders with a team led by Gordon Baird and supported by Audrey Bouffard-Nesbitt, Rebecca Scott, Kim Howard, Michael Eldridge, Will Horne and Elizabeth Rafferty.

Lawyer(s)

C. Nicole Sigouin Evelyn Li Russell Dufault Gordon D. Baird Audrey Bouffard-Nesbitt