Canadian alternative asset management company Brookfield Asset Management intends to infuse C$750 million ($559.1 million) in clean electricity provider TransAlta Corp.
TransAlta said that the commitment from Brookfield Renewable Partners, a unit of Brookfield Asset, will be convertible to ownership in TransAlta’s hydro assets in Alberta in the future.
Brookfield Asset has also inked an agreement to acquire shares in TransAlta to increase its stake to 9 percent.
Of the Brookfield investment, TransAlta intends to spend $261.2 million to enhance its coal-to-gas transition strategy, up to $186.6 million to buy back shares over three years, and the rest to develop existing and new projects.