CALGARY, AB, Oct. 15, 2020 /PRNewswire/ - TransAlta Renewables Inc. ("TransAlta Renewables" or the "Company") (TSX: RNW) announced that its 10 MW WindCharger battery storage project ("WindCharger") began commercial operation on October 15, 2020. WindCharger is Alberta's first utility-scale, lithium-ion energy storage project and utilizes Tesla Megapack technology. It has a nameplate capacity of 10MW and total storage capacity of 20MWh. This technology can be fully charged in approximately two hours and will be powered by the Company's Summerview II wind farm, making it a truly renewable battery energy storage system. WindCharger did not require any new infrastructure investments as it is an entirely behind-the-fence project.
The project, which was acquired from TransAlta Corporation ("TransAlta") in August of this year, has a total capital cost of approximately $14.5 million, with approximately 50 percent being funded through the support of Emissions Reduction Alberta. As part of the acquisition, TransAlta will pay a fixed monthly capacity charge for the right to operate and dispatch the battery in the Alberta market.
"We want to thank Tesla for working with us on this exciting project. The completion of the WindCharger project is an important milestone as we progress towards our goal of providing clean, reliable and low-cost energy solutions to our customers," said John Kousinioris, President. "This technology shows strong commercial potential and this particular installation has enough capacity to power all the homes in nearby Pincher Creek for approximately 90 minutes on only one charge."
About TransAlta Renewables Inc.
TransAlta Renewables is among the largest of any publicly traded renewable independent power producers ("IPP") in Canada. Our asset platform and economic interests are diversified in terms of geography, generation and counterparties and consist of interests in 23 wind facilities, 13 hydroelectric facilities, seven natural gas generation facilities, one solar facility, one natural gas pipeline, and one battery storage project, representing an ownership interest of 2,537 megawatts of owned generating capacity, located in the provinces of British Columbia, Alberta, Ontario, Québec, New Brunswick, the States of Wyoming, Massachusetts, Minnesota and the State of Western Australia. Our objectives are to (i) provide stable, consistent returns for investors through the ownership of, and investment in, highly contracted renewable and natural gas power generation and other infrastructure assets that provide stable cash flow primarily through long-term contracts with strong counterparties; (ii) pursue and capitalize on strategic growth opportunities in the renewable and natural gas power generation and other infrastructure sectors; (iii) maintain diversity in terms of geography, generation and counterparties; and (iv) pay out 80 to 85 per cent of cash available for distribution to the shareholders of the Company on an annual basis.
Cautionary Statement Regarding Forward Looking Information
This news release contains forward looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "propose", "plans", "intends" and similar expressions are intended to identify forward looking information or statements. More particularly, and without limitation, this news release contains forward looking statements and information relating to the time to charge the battery storage system; the receipt of approximately 50 percent of capital costs being funded through the support of Emissions Reduction Alberta; and the battery storage project has enough capacity to power all the homes in Pincher Creek for approximately 90 minutes on only one charge. These forward looking statements are based on a number of assumptions considered by the Company to be reasonable as of the date of this news release, including, but not limited to, the following: no significant changes to applicable laws and regulations; and assumptions regarding our current strategy and priorities. The forward looking statements are subject to a number of risks and uncertainties that may cause actual performance, events or results to differ materially from those contemplated by the forward looking statements, which include: competitive factors in the renewable power industry; technology risks; changes in economic and market conditions; changes in laws and regulations; and other risks and uncertainties discussed in the Company's Annual Information Form and Management's Discussion and Analysis , filed under the Company's profile with the Canadian securities regulators on www.sedar.com. Readers are cautioned not to place undue reliance on this forward looking information, which is given as of the date it is expressed in this news release. The Company undertakes no obligation to update or revise any forward looking information except as required by law.
SOURCE TransAlta Renewables Inc