TransAlta Corporation (TSX: TA) (NYSE: TAC) completed its bought deal offering of common shares, issuing 18,230,000 shares at $19.20 per share for gross proceeds of approximately $350 million, according to a company statement.

The offering was led by a syndicate of underwriters including CIBC Capital Markets and RBC Capital Markets. Underwriters have an option to purchase up to an additional 2,734,500 common shares at the same price within 30 days, which could generate additional gross proceeds of approximately $52.5 million.

TransAlta plans to use the net proceeds to fund its previously announced acquisition of two natural gas-fired peaking facilities totaling 318 MW near Denver, Colorado. The acquisition is expected to close in early fourth quarter 2026, subject to regulatory approvals and other closing conditions.

If the acquisition does not complete, the company stated it would use the proceeds for future growth opportunities including acquisitions, capital development expenditures, debt reduction or general corporate purposes.

TransAlta operates as one of Canada's power generators, delivering electricity across Canada, the United States and Western Australia. The Calgary-based company has operated energy infrastructure for more than 100 years.