Canadian power company TransAlta Corp said on Tuesday it has been selected as the preferred bidder to build a A$550 million ($510 million) natural-gas fired generating station in South Hedland, Western Australia. The company said that subject to final approvals, it expects the 150-megawatt power plant to be in service in 2017.Horizon Power and Fortescue Metals Group Ltd have agreed to purchase power from the facility under 25-year contacts.The deal, if finalized, will see TransAlta increase its presence in Australia, where it now operates six facilities producing 425 megawatts of electricity."Our bid on this development project illustrates the importance and focus that TransAlta places on customers and business in Western Australia," Dawn Farrell, TransAlta's chief executive, said in a statement.
TransAlta Corporation (TransAlta), is engaged in the production and sale of electric energy. Shares of TAC traded higher by 0.17% or $0.02/share to $11.92. In the past year, the shares have traded as low as $11.20 and as high as $15.37. On average, 137208 shares of TAC exchange hands on a given day and today's volume is recorded at 101579.
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