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TransAlta Corp., the biggest investor-owned power generator in Canada, said it bought 50 per cent of a generating station being built in Alberta by Epcor utilities Inc., the utility firm in the city of Edmonton, for $395 million (US$256 million).
Under the deal, first announced last spring, TransAlta will gain the interest in the 450 megawatt, coal-fired Genesee Phase 3 project southwest of Edmonton, slated to start commercial operation in early 2005.
TransAlta closed the deal by paying Epcor $157 million in costs incurred so far, it said.
Epcor will continue managing construction of the addition to the existing Genesee operation, the firms said.
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