TAC - TransAlta Renewables gets bondholder waiver for New Brunswick turbine project

TransAlta Renewables (OTCPK:TRSWF) (TAC) said Thursday it secured a waiver with BNY Trust Company of Canada - trustee for C$219M (US$173M) of outstanding non-recourse project bonds - over events that may have caused a default after all of its New Brunswick turbines were determined to need major repairs. The company said its Kent Hills Wind subsidiary gave notice to BNY Trust that it could be at risk of default after determining that all 50 turbine foundations at the Kent Hills 1 and 2 sites needed replacing. Kent Hills Wind is now proceeding with its rehabilitation plan, which will require the dismantling of the turbines and replacing the tower foundations with newly designed units, a process that is expected to be completed by mid-2023. The subsidiary also extended its power purchase agreements with New Brunswick Power Corp. by 10 years to 2045, representing a total generating capacity of 167 MW. TransAlta

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TransAlta Renewables gets bondholder waiver for New Brunswick turbine project