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Credit Facilities, Long-Term Debt and Lease Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2024
Subclassifications of assets, liabilities and equities [abstract] |
Disclosure of borrowings outstanding | The amounts outstanding are as follows:
As at Dec. 31 |  |  |  | 2024 | 2023
Segment | Maturity | Currency | Carrying value | Face value | Interest(1) | Carrying value | Face value | Interest |
Credit facilities |  |  |  |  |  |  |  |  |  |
Committed syndicated bank facility(2) | Corporate | 2028 | CAD | 143 |  | 145 |  | 5.3 | % | — |  | — |  | — | % |
Term Facility | Corporate | 2025 | CAD | 400 |  | 400 |  | 5.6 | % | 397 |  | 400 |  | 7.4 | % |
Debentures |  |  |  |  |  |  |  |  |  |
7.3% Medium term notes | Corporate | 2029 | CAD | 110 |  | 110 |  | 7.3 | % | 110 |  | 110 |  | 7.3 | % |
6.9% Medium term notes | Corporate | 2030 | CAD | 141 |  | 141 |  | 6.9 | % | 141 |  | 141 |  | 6.9 | % |
Senior notes(3) |  |  |  |  |  |  |  |  |  |
7.8% Senior notes(4) | Corporate | 2029 | USD | 569 |  | 575 |  | 7.8 | % | 520 |  | 528 |  | 7.8 | % |
6.5% Senior notes | Corporate | 2040 | USD | 426 |  | 431 |  | 6.5 | % | 391 |  | 396 |  | 6.5 | % |
Non-recourse |  |  |  |  |  |  |  |  |  |
Melancthon Wolfe Wind LP bond | Wind & Solar | 2028 | CAD | 133 |  | 134 |  | 3.8 | % | 168 |  | 169 |  | 3.8 | % |
New Richmond Wind LP bond | Wind & Solar | 2032 | CAD | 93 |  | 94 |  | 4.0 | % | 103 |  | 104 |  | 4.0 | % |
Kent Hills Wind LP bond | Wind & Solar | 2033 | CAD | 179 |  | 182 |  | 4.5 | % | 193 |  | 196 |  | 4.5 | % |
Windrise Wind LP bond | Wind & Solar | 2041 | CAD | 157 |  | 160 |  | 3.4 | % | 164 |  | 167 |  | 3.4 | % |
Pingston bond | Hydro | 2043 | CAD | 39 |  | 39 |  | 6.2 | % | 39 |  | 39 |  | 6.2 | % |
TAPC Holdings LP bond (Poplar Creek) | Gas | 2030 | CAD | 75 |  | 76 |  | 8.3 | % | 85 |  | 86 |  | 9.4 | % |
TEC Hedland PTY Ltd bond(5) | Gas | 2042 | AUD | 675 |  | 683 |  | 4.1 | % | 691 |  | 699 |  | 4.1 | % |
Heartland term facility | Corporate | 2027 | CAD | 224 |  | 224 |  | 6.6 | % | — |  | — |  | — | % |
Recourse |  |  |  |  |  |  |  |  |  |
TransAlta OCP LP bond | Gas | 2030 | CAD | 192 |  | 193 |  | 4.5 | % | 217 |  | 218 |  | 4.5 | % |
Tax equity financing |  |  |  |  |  |  |  |  |  |
Big Level & Antrim(6) | Wind & Solar | 2029 | USD | 90 |  | 94 |  | 6.6 | % | 91 |  | 97 |  | 6.6 | % |
Lakeswind(7) | Wind & Solar | 2027 | USD | 7 |  | 7 |  | 10.5 | % | 10 |  | 10 |  | 10.5 | % |
North Carolina Solar(8) | Wind & Solar | 2028 | USD | 4 |  | 4 |  | 7.3 | % | 3 |  | 3 |  | 7.3 | % |
Total long-term debt |  |  |  | 3,657 |  | 3,692 |  |  | 3,323 |  | 3,363 |  |  |
Lease liabilities |  |  |  | 151 |  |  |  | 143 |  |  |  |
Total long-term debt and lease liabilities | 3,808 |  |  |  | 3,466 |  |  |  |
Less: current portion of long-term debt | (567) |  |  |  | (526) |  |  |  |
Less: current portion of lease liabilities | (5) |  |  |  | (6) |  |  |  |
Total current long-term debt and lease liabilities | (572) |  |  |  | (532) |  |  |  |
Total non-current credit facilities, long-term debt and lease liabilities | 3,236 |  |  |  | 2,934 |  |  |  |
(1)Interest rate reflects the stipulated rate or the average rate weighted by principal amounts outstanding and is before the effect of hedging. (2)Composed of swing line loans and other commercial borrowings under long-term committed credit facilities. (3)U.S. face value at Dec. 31, 2024, is US$700 million (2023 — US$700 million). (4)The effective interest rate for the Senior Notes is 5.98 per cent after the effects of gains realized on settled interest rate hedging instruments. (5)AU face value at Dec. 31, 2024, is AU$761 million (2023 — AU$773 million). (6)U.S. face value at Dec. 31, 2024, is US$65 million (2023 — US$73 million). (7)U.S. face value at Dec. 31, 2024, is US$5 million (2023 — US$8 million). (8)U.S. face value at Dec. 31, 2024, is US$3 million (2023 — US$2 million). The Company's credit facilities are summarized in the table below:
As at Dec. 31, 2024 |  | Utilized |  |
Credit facilities | Facility size | Outstanding letters of credit(1) | Cash drawings | Available capacity | Maturity date
Committed |  |  |  |  |
Syndicated credit facility | 1,950 |  | 456 |  | 145 |  | 1,349 |  | Q2 2028
Bilateral credit facilities | 240 |  | 161 |  | — |  | 79 |  | Q2 2026
Term Facility | 400 |  | — |  | 400 |  | — |  | Q3 2025
Heartland Credit Facilities | 276 |  | 14 |  | 224 |  | 38 |  | Q4 2027
Heartland EDC letter of credit facility | 50 |  | 14 |  | — |  | 36 |  | Q1 2025
Total committed | 2,916 |  | 645 |  | 769 |  | 1,502 |  |
Non-committed |  |  |  |  |
Demand facilities | 400 |  | 220 |  | — |  | 180 |  | N/A
Total Non-committed | 400 |  | 220 |  | — |  | 180 |  |
(1)TransAlta has obligations to issue letters of credit and cash collateral to secure potential liabilities to certain parties, including those related to potential environmental obligations, commodity risk management and hedging activities, pension plan obligations, construction projects and purchase obligations. Letters of credit drawn against the non-committed facilities reduce the available capacity under the committed syndicated credit facilities. At Dec. 31, 2024, TransAlta provided cash collateral of $124 million.
Disclosure of principal repayments |
| 2025 | 2026 | 2027 | 2028 | 2029 | 2030 and thereafter | Total
Principal repayments(1) | 566 |  | 169 |  | 331 |  | 309 |  | 824 |  | 1,493 |  | 3,692 |
Lease liabilities | 4 |  | 5 |  | 5 |  | 5 |  | 5 |  | 127 |  | 151 |
(1)Excludes impact of hedge accounting and derivatives.

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