TransAlta pays $1bn to take full control of renewables arm

Canadian utility TransAlta has agreed to pay C$1.38bn ($1.04bn) for the stake it does not already own in subsidiary TransAlta Renewables.

TransAlta said the deal would enable the company to simplify its structure and focus on growth in the renewable energy sector. John Kousinioris, president and chief executive at TransAlta, said: "Now is the right time to bring these two companies together to create a single clean electricity leader. The combined company's greater scale and enhanced positioning will drive benefits and unlock value for all of our shareholders."

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