14 January 2003 - TransAlta Corp., Canada's biggest investor-owned power generator, said on Monday it bought 50 per cent of a generating station being built in Alberta by Epcor utilities Inc., the city of Edmonton's utility firm, for C$395m ($256m).
Under the deal, first announced last spring, TransAlta will gain the interest in the 450 MW, coal-fired Genesee Phase 3 project southwest of Edmonton, slated to start commercial operation in early 2005.
TransAlta closed the deal by paying Epcor C$157m in costs incurred so far, it said.
Epcor will continue managing construction of the addition to the existing Genesee operation, the firms said.
TransAlta, operates coal, gas and wind power plants in Canada, the United States and Mexico.