Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 24

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 24
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’s consolidated revenues for the year ended December 31, 2024. In aggregate, the Corporation’s subsidiaries and partnerships not listed below did not exceed 20% of the Corporation’s total consolidated assets or
total consolidated revenues as at and for the year ended December 31, 2024:

Recent Developments

Centralia Conversion and Long-Term Tolling Agreement

On December 9, 2025 the Corporation announced that it has signed a long-term tolling agreement with Puget Sound Energy, Inc.
(“PSE”) to convert its Centralia Unit 2 facility from coal to natural gas-fired generation. The agreement with PSE provides a fixed-price capacity payment that provides PSE with the exclusive right
to the capacity, energy and ancillary service attributes, as well as the dispatch rights to, the 700 MW facility. Approximately US$600 million of capital expenditures will be required to extend the useful life of the facility and convert
it from coal to natural gas-fired generation. The target commercial operation date is late-2028 and the facility will operate until the end of 2044 under the terms of the agreement with PSE. The Corporation
anticipates declaring a final investment decision after receipt of all required approvals in early 2027. Completion of the transaction is subject to customary regulatory approvals, including PSE receiving satisfactory approval from the Washington
Utilities and Transportation Commission.

Acquisition of 310 MW Contracted Ontario Gas Portfolio

On November 17, 2025 the Corporation announced that it has entered into a definitive share purchase agreement with an affiliate of Hut 8
Corp. and Macquarie Equipment Finance Ltd., the equity owners of Far North Power Corporation (“Far North”), pursuant to which the Corporation will acquire Far North and its entire business operations in Ontario. Far North owns and
operates generation assets consisting of four natural gas-fired generation facilities totaling 310 MW. The purchase price for the acquisition is $95 million, subject to working

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capital and other adjustments. The transaction is expected to close in 2026, subject to customary closing conditions, including receipt of regulatory approvals.

Completion of Required Divestitures

On August 1, 2025, we completed the sale of our 100% interest in the 48 MW Poplar Hill facility, followed by the sale of our 50% interest
in the 97 MW Rainbow Lake facility on October 2, 2025. These divestitures were required under a consent agreement with the federal Competition Bureau in