TransAlta Corporation said on 22 October 2026 that it had completed the acquisition of Mountain Peak Power and Canyon Peak Power, two natural gas-fired peaking plants near Denver, from Blackstone for US$1.0bn.
Why TransAlta Corporation is buying Mountain Peak Power LLC and Canyon Peak Power LLC (from Blackstone)
TransAlta described the purchase as part of a portfolio rotation that strengthens its position in a core geography, as large-load growth, electrification and onshoring increase power demand across North America.
Deal terms and financing
The US$1.0bn price includes the assumption of US$750m of senior secured project-level debt. When the deal was announced in June, TransAlta said it would fund the equity portion with a share offering and that both plants were contracted under long-term tolling agreements with investment-grade customers.
Market context
The closing was announced alongside TransAlta's sale of a 49% stake in its Oklahoma wind portfolio to Ares Infrastructure funds for US$305m.
