On October 22, 2026, TransAlta confirmed it completed the US$1 billion acquisition of two natural-gas peaking power plants near Denver, Colorado, from Blackstone-affiliated sellers. Together, Mountain Peak Power and Canyon Peak Power total 318 megawatts (MW) of installed generating capacity.

Key Takeaways

• TransAlta acquired 162 MW Mountain Peak Power and 156 MW Canyon Peak Power.
• The US$1 billion transaction value includes US$750 million in assumed project debt, not US$1 billion in cash.
• Both plants are operating and supported by long-term capacity agreements with Colorado electric cooperatives.
• Forecast annual earnings are estimates, not realized results.

Two Colorado Plants, Twelve Gas Turbines

In Keenesburg, Mountain Peak has operated since September 2025 and uses six GE LM2500XPRESS gas turbines. Its 30-year tolling agreement is with United Power. In Bennett, Canyon Peak achieved commercial operation in the third quarter of 2026; its six comparable turbines are contracted to CORE Electric Cooperative for 25 years.

Watch the Actual Facilities

The construction contractor Fagen shared this Canyon Peak construction update, linking to the YouTube video above.

United Power’s Mountain Peak ribbon-cutting video documents the earlier commissioning of the 162 MW facility.

Why Peaking Capacity Matters

Unlike continuously operated baseload units, peaking plants can be dispatched when grid demand or electricity prices rise. These gas turbines complement other generation but still emit carbon dioxide and require fuel. Our clean-versus-renewable energy explainer clarifies that distinction.

A $1 Billion Portfolio Move

The price comprised roughly US$250 million of cash consideration and US$750 million of assumed secured debt. TransAlta’s SEC-filed presentation projected around US$80 million in annual adjusted EBITDA and US$33 million in free cash flow, figures that are forward-looking rather than guaranteed.

The closure coincided with the company’s US$305 million sale of a 49% Oklahoma wind interest. Unlike a planned 1.2 GW North Dakota natural-gas project, both Colorado facilities are already in service. Their contracted capacity and long-term performance—not projected headline returns alone—will determine the acquisition’s results.

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