Under the terms of the deal, TransAlta will acquire 21MW of solar projects located in Massachusetts and a 50MW wind facility located in Minnesota, US.
The wind power plant, which features 32 GE 1.5MW XLE turbines, entered service in March 2014.
The solar facilities, which comprises four ground mounted projects and four roof-top projects, are qualified under phase one of the Massachusetts Solar Renewable Energy Credit (SREC-I) program. The program aims to encourage investment in distributed solar generation.
The projects are backed by long-term power purchase agreements with several high quality counterparties, ranging from 20 to 30 years.
TransAlta CEO and president Dawn Farrell said: "The acquisition marks our first solar project and aligns with our strategy of growing our renewables platform, diversifying our portfolio, and increasing the pipeline of assets for potential future drop-downs into TransAlta Renewables.
"The expansion into new geographic markets and technologies further enhances our position as a leader in renewable energy and provides potential for future opportunities in the U.S solar and wind space."
The transaction, which is subject to customary regulatory approvals, is planned to be completed by the end of September 2015.
