Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 149

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 149
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) of the senior notes have been designated as a hedge of the Company’s net investment in U.S. operations. Non-RecourseDebt On May 8, 2023, the Pingston Power Inc. non-recoursebond matured with a total aggregate repayment of $46 million, consisting of accrued interest and principal. On Sept. 14, 2023, the Company closed a non-recoursebond financing for approximately $39 million (Pingston Bond) as a replacement for the non-recoursebond that matured on May 8, 2023. The Pingston Bond is secured by a first ranking charge over all the respective assets of the Company’s subsidiaries that issued the bonds, amortizes and bears interest at a rate of 6.145 per cent per annum, payable semi-annually, and matures on May 8, 2043. The Pingston Bond is subject to customary financing conditions and covenants that may restrict the Company’s ability to access funds generated by the facility’s operations. Tax Equity Tax equity financings are typically represented by the initial equity investments made by the project investors at each project (net of financing costs incurred), except for the Lakeswind and North Carolina Solar acquired tax equity financings, which were initially recognized at their fair values. Tax equity financing balances are reduced by the value of tax benefits (production tax credits, tax depreciation and investment tax credits) allocated to the investor and by cash distributions paid to the investor for

| F77 |     | TransAlta Corporation |     | 2024 Integrated Report |

Notes to the Consolidated Financial Statements their share of net earnings and cash flow generated at each project. Tax equity financing balances are increased by interest recognized at the implicit interest rate. The maturity dates of each financing are subject to change and are primarily dependent upon when the project investor achieves the agreed upon targeted rate of return. The Company anticipates the maturity dates of the tax equity financings will be: Lakeswind in June 2027; North Carolina Solar in December 2028; and Big Level and Antrim in December 2029. Other TransAlta’s short and long-term debt has terms and conditions, including financial covenants, that are considered normal and customary. As at Dec. 31, 2024, the Company was in compliance with all debt covenants. The Heartland Credit Facilities are not subject to any maintenance or financial covenants but do contain certain covenants that limit Heartland’s ability to, among other things