TransAlta completes purchase of Vision Quest

CALGARY, Alberta, Dec. 6, 2002 — TransAlta Corp. announced Friday it has completed the previously announced purchase of Vision Quest Windelectric Inc. for $37 million.

This deal brings TransAlta’s total investment in the Calgary wind power company to $50 million. TransAlta will also assume Vision Quest’s $32 million debt.

TransAlta Corporation is Canada’s largest non-regulated electric generation and marketing company, with more than $7 billion in assets and 9,000 megawatts of capacity either in operation or under construction. As one of North America’s lowest-cost operators, our growth is focused on developing coal- and gas-fired generation in Canada, the U.S., and Mexico.

Vision Quest Windelectric Inc., now a wholly owned, independently operated subsidiary of TransAlta, owns and operates 67 wind turbine power plants with 44 megawatts of total peak capacity. Vision Quest is currently building the McBride Lake Windfarm in Alberta – Canada’s largest windfarm to date. Output from McBride Lake is fully contracted on a long-term basis.

Output from Vision Quest’s facilities is enough energy to supply more than 60,000 average Canadian homes annually. Vision Quest is active in Alberta as a generator, holds electricity retailer licenses in Ontario, and has interests in wind power projects in several other provinces.

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