Under this partnership, the two companies will work together to develop, build and operate new natural gas-fired electricity generation projects in the country.
TransAlta president and CEO Dawn Farrell said this partnership is a new and exciting development in the firm’s growth strategy and helps it to pursue significant growth opportunities in Canada.
"Studies are showing that more than $200 billion worth of new investment in power generation is needed in Canada over the next 20 years," Farrell added.
MidAmerican chairman, president and CEO Greg Abel commented, "At MidAmerican, we have been seeking an entry point to the Canadian electricity generation market, where we see strong potential for growth."
The latest deal encompasses all new natural gas-fueled generation opportunities considered by either of the firms in Canada, including proposed up to 800MW Sundance 7 project.
All approved project will be funded on a 50-50 basis, and TransAlta will be responsible for construction management, operation and maintenance of the projects.
