Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 21

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 21
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 into an agreement (the “Investment Agreement”) whereby Brookfield
Renewable Partners (“Brookfield”) agreed to invest $750 million in the Corporation through the purchase of exchangeable debentures and redeemable first preferred shares, Series I, each of which is exchangeable by
Brookfield into an equity ownership interest in certain of TransAlta’s Alberta hydro assets in the future at a value based on a multiple of the Alberta hydro assets’ future-adjusted EBITDA. Under the terms of the Investment Agreement,
Brookfield committed to purchase the Corporation’s common shares on the open market to increase its share ownership in the Corporation to not less than 9%. In connection with the Investment Agreement, Brookfield is entitled to nominate two
directors for election to the board of directors of the Corporation (the “Board”). As of January 6, 2025, Brookfield held approximately 9% of our issued and outstanding common shares.

Visible pipeline of development projects for sustained future growth

We develop and acquire generation and storage facilities in highly competitive markets. Our track record as an experienced operator and
developer supports our competitive position. We try, where possible, to reduce our cost of capital and improve our competitive profile through efficient financing structures. In the United States, our substantial tax attributes further increase our
competitiveness.

We are primarily evaluating greenfield and brownfield opportunities in Western Canada and the United States along with
acquisitions in markets where we have existing operations and maintain highly qualified and experienced development teams to identify and develop these opportunities.

During the first quarter of 2025, we made a strategic investment in Nova Clean Energy, LLC (“Nova”), a developer of
renewable energy projects, that includes a US$75 million term loan and US$100 million revolving facility. This investment provides TransAlta with the exclusive right to purchase Nova’s late-stage development projects in the western
U.S. and the term loan is also convertible to a minority equity interest at TransAlta’s option.

S-14

The following project has been approved by the Board, has an executed power purchase agreement and is currently under construction. This project will be financed through existing liquidity in the near term. We will continue to explore permanent financing solutions on an asset-by-assetbasis.

| Project                          |     | Type         |     | Region            |     | Capacity 
 (MW)     |     | Target Completion |     | Avg. Annual  
 EBITDA       
 ($ millions) |
| Mount Keith West Network