TransAlta rises on deal to expand Ontario operations

U.S.-listed shares of Canadian power producer TransAlta Corp TA.TO, TAC.N rise 2.7% to $14.98 in premarket trading

Co says it will buy Far North Power and its operations in Ontario from its equity owners, including an affiliate of Hut 8 Corp HUT.O, Macquarie Equipment Finance

The purchase price for the acquisition is $95 mln

Deal to improve TransAlta's core market of Ontario, increasing its footprint by 310 megawatts (MW) to 1,300 MW

"Our position in Ontario increases through contracted and complementary assets. As electrification and population growth continues, the market will meaningfully rely on existing firm, dispatchable generation for grid reliability," says TransAlta CEO

YTD, stock has risen 3% so far