The underwriters in the $150 million bought deal offering of TransAlta Renewables Inc. common shares by way of a prospectus supplement filed on June 15, 2018.

On June 22, 2018, TransAlta Renewables Inc. (“TransAlta Renewables”) announced that it had closed the previously announced offering, on a bought deal basis, of 11,860,000 common shares in the capital of TransAlta Renewables at a price of $12.65 per common share which will result in gross proceeds to TransAlta of approximately C$150 million. The offering was underwritten by a syndicate of underwriters co-led by CIBC World Markets, RBC Capital Markets and Scotiabank.

The net proceeds of the offering will be used to partially repay drawn amounts under TransAlta’s credit facility, which were drawn in order to fund recent acquisitions. The additional liquidity under the credit facility will be used for general corporate purposes, including ongoing construction costs associated with such acquisitions.

TransAlta Renewables is among the largest of any publicly traded renewable power producers in Canada. TransAlta Renewables owns renewable power generation facilities and invests in contracted, renewable power generation assets including wind and hydroelectric plants.

Osler, Hoskin & Harcourt LLP represented the underwriters with a team consisting of Desmond Lee, Trevor Scott and Patrick Sullivan (Corporate), Patrick Welsh (Regulatory) and Sagar Memon (Summer Law Student).