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Non-Controlling Interests
 12 Months Ended
Dec. 31, 2024
Interests In Other Entities [Abstract]  
Non-Controlling Interests Non-Controlling Interests
The Company’s subsidiaries and operations that have non-controlling interests are as follows:
Subsidiary/Operation
Non-controlling interest owner
Non-controlling interest as at Dec. 31, 2024
Non-controlling interest as at Dec. 31, 2023
TransAlta Cogeneration LP
Canadian Power Holdings Inc.
49.99%
49.99%
Kent Hills Wind LPNatural Forces Technologies Inc.
17%
17%
TransAlta Renewables Inc.Public shareholders
nil
nil(1)
(1)Non-controlling interest from Jan. 1, 2023 to Oct. 4, 2023 was 39.9%.
TransAlta Cogeneration, LP (TA Cogen) operates a portfolio of cogeneration facilities in Canada and owns 50 per cent of Sheerness, a dual-fuel generating facility.
Kent Hills Wind LP, a subsidiary, owns and operates the 167 MW Kent Hills (1, 2 and 3) wind facilities located in New Brunswick.
TransAlta Renewables Inc. (TransAlta Renewables) was previously a non-wholly owned publicly traded entity that operated a portfolio of gas and renewable power
generation facilities and owned economic interests in various other gas and renewable facilities of the Company.
On Oct. 5, 2023, the Company acquired all of the outstanding common shares of TransAlta Renewables not already owned, directly or indirectly, by TransAlta and certain of its affiliates.
Summarized financial information relating to subsidiaries with significant non-controlling interests is as follows:
TA Cogen
Year ended Dec. 31202420232022
Revenues167 290 347 
Net earnings and total comprehensive income
9 121 143 
Amounts attributable to the non-controlling interest:
Net earnings9 80 91 
Total comprehensive income9 80 91 
Distributions paid to Canadian Power Holdings Inc.40 148 87 
As at Dec. 3120242023
Current assets47 43 
Long-term assets130 193 
Current liabilities(48)(41)
Long-term liabilities(32)(34)
Total equity(97)(161)
Equity attributable to Canadian Power Holdings Inc.(46)(79)
Non-controlling interest share (per cent)49.99 49.99 
Kent Hills Wind LP
Prior to Oct. 5, 2023, financial information related to the 17 per cent non-controlling interest in Kent Hills Wind LP was included in the financial information disclosed in TransAlta Renewables in this note.
Year ended Dec. 312024
2023(1)
Revenues34 7 
Net earnings and total comprehensive income 7 2 
Amounts attributable to the non-controlling interest:
Net earnings and total comprehensive income1 — 
(1)This represents financial information from Oct. 5, 2023 to Dec. 31, 2023. The net earnings attributable to non-controlling interest in Kent Hills Wind LP prior to Oct. 5, 2023, is included in the disclosures for TransAlta Renewables.
As at Dec. 3120242023
Current assets33 35 
Long-term assets463 481 
Current liabilities(26)(42)
Long-term liabilities(174)(188)
Total equity(296)(285)
Equity attributable to non-controlling interests(51)(48)
Non-controlling interest share (per cent)17 17 
TransAlta Renewables
The financial information disclosed below includes the 17 per cent non-controlling interest in Kent Hills Wind LP until Oct. 5, 2023. TransAlta Renewables at Dec. 31, 2024, and Dec. 31, 2023, is a wholly owned subsidiary of the Company. Refer to Note 4 for more details.
Year ended Dec. 31
2023(1)
2022
Revenues303 560 
Net earnings56 74 
Total comprehensive loss
(7)(67)
Amounts attributable to the non-controlling interests:
Net earnings21 20 
Total comprehensive loss
(4)(36)
Distributions paid to non-controlling interests(2)
75 100 
(1)Non-controlling interest share before the close of the transaction on Oct. 5, 2023. This represents financial information from Jan. 1, 2023 to Oct. 4, 2023.
(2)Distributions paid in the year ended Dec. 31, 2023 include $25 million of dividends declared in the fourth quarter of 2022.