TransAlta (NYSE: TAC) plans Keephills data centre with up to 1 GW load

Rhea-AI Filing Summary

TransAlta Corporation has entered into a Memorandum of Understanding with CPP Investments and Brookfield to advance a large-scale data centre development at its Keephills site in Alberta. TransAlta would act as the exclusive site and power provider for the project.

The framework envisions phased development, starting with an initial long-term power purchase agreement for approximately 230 MW and evaluating additional phases that could bring total data centre load up to 1 GW. All phases remain subject to regulatory approvals and the parties reaching definitive binding agreements.

Insights

Power and infrastructure analyst

MOU outlines a potential long-term data centre power anchor, but remains conditional.

TransAlta is positioning its Keephills site for digital infrastructure by securing an MOU with CPP Investments and Brookfield. The concept combines an initial ~230 MW long-term power purchase agreement with the possibility of expanding load to 1 GW through phased development.

The arrangement could support long-duration, contracted power sales at a single large site, leveraging existing land, transmission, gas and water infrastructure. However, the parties still must obtain regulatory approvals and negotiate definitive binding agreements, so the scale and timing of any build-out are not yet set.

Subsequent disclosures will need to clarify final contract terms, capital commitments and the pace of any additional phases beyond the initial 230 MW, as well as how the data centre load integrates with TransAlta’s broader generation portfolio and resource mix at Keephills.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2026

Commission File Number: 001-15214

TransAlta Corporation
(Translation of registrant's name into English)

Suite 1400, 1100 – 1st Street S.E., Calgary, Alberta, T2G 1B1
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [   ]      Form 40-F [ X ]

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		TransAlta Corporation
		(Registrant)
Date: February 27, 2026		/s/ Joel Hunter
		Joel Hunter
		Executive Vice President Finance and Chief Financial Officer

EXHIBIT INDEX

Exhibit Number		Description
99.1		TransAlta Enters Memorandum of Understanding for Data Centre Development at Keephills Site with Potential to Scale Up to 1 GW

EXHIBIT 99.1

TransAlta Enters Memorandum of Understanding for Data Centre Development at Keephills Site with Potential to Scale Up to 1 GW

CALGARY, Alberta, Feb. 27, 2026 (GLOBE NEWSWIRE) -- TransAlta Corporation (TSX: TA) (NYSE: TAC) (TransAlta or the Company) is pleased to announce that it has entered into a Memorandum of Understanding (MOU) with Canada Pension Plan Investment Board (CPP Investments) and Brookfield to advance a data centre development in Alberta, for which TransAlta will be the exclusive site and power provider.

The MOU establishes a framework for phased development at the Company's Keephills site in Parkland County, including an initial long-term power purchase agreement for approximately 230 MW and the evaluation of opportunities for additional development aggregating up to 1 GW of load. All such development is subject to regulatory approvals and the parties reaching definitive binding agreements.

"The Keephills site provides a strategic platform that leverages TransAlta's large zoned land position, existing transmission, natural gas and water infrastructure, as well as on-site generation to support long-term project scale," said John Kousinioris, President and Chief Executive Office of TransAlta. "We are very pleased to be working with CPP Investments and Brookfield and to serve as the exclusive site and power provider for this project. As experienced, global infrastructure investors, CPP Investments and Brookfield have the capability to deliver projects of this size and complexity. We look forward to working together to advance digital infrastructure capacity and unlock future investment in Alberta."

About TransAlta Corporation:

TransAlta is one of Canada’s largest publicly traded power generators, delivering reliable electricity across Canada, the United States and Western Australia. For more than 100 years, our people have safely operated and evolved essential energy infrastructure that powers customers and communities. Our technology-diverse portfolio and disciplined execution allow us to deliver dependable power across evolving energy systems. We take a practical, responsible approach to meeting today’s energy needs while building for what comes next.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release includes "forward-looking information," within the meaning of applicable Canadian securities laws, and "forward-looking statements," within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as "forward-looking statements"). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as "may", "will", "believe", "expect", "estimate", "anticipate", "intend", "plan", "forecast", "continue" or other similar words. In particular, this news release contains forward-looking statements about the following, among other things: the MOU and its framework for phased development of the Keephills site, including the potential execution of a long-term power purchase agreement for 230MW; the evaluation of opportunities for additional phases of development; and the potential for such additional phases of development to aggregate to 1GW of load.

Forward-looking statements in this news release are intended to provide the reader information about management's current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes. Forward-looking statements are subject to important risks and uncertainties and are based on certain key assumptions. All forward-looking statements reflect TransAlta's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking statements, you should not put undue reliance on forward-looking statements and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking statements due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to our most recent MD&A and Annual Report, filed under TransAlta's profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

For more information:

Investor Inquiries:	Media Inquiries:
Phone: 1-800-387-3598 in Canada and US	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

FAQ

What did TransAlta (TAC) announce in this Form 6-K?

TransAlta announced it has signed a Memorandum of Understanding with CPP Investments and Brookfield to advance a data centre development at its Keephills site in Alberta, where TransAlta would be the exclusive site and power provider for the project.

What are the key terms of TransAlta’s Keephills data centre MOU?

The MOU sets a framework for phased development at Keephills, including an initial long-term power purchase agreement for about 230 MW and evaluation of additional phases that could bring total data centre load up to 1 GW at the site.

Who are TransAlta’s partners in the Keephills data centre project?

TransAlta’s partners are Canada Pension Plan Investment Board (CPP Investments) and Brookfield. Both are described as experienced global infrastructure investors, collaborating with TransAlta to advance digital infrastructure capacity and potential long-term investment at the Keephills site in Alberta.

Is the Keephills data centre development by TransAlta guaranteed to proceed?

No, the development is not guaranteed. The MOU states that all phases of the Keephills data centre project are subject to necessary regulatory approvals and the parties successfully negotiating and executing definitive binding agreements before any project can move forward.

How much power demand could TransAlta’s Keephills data centre project reach?

The framework includes an initial long-term power purchase agreement for approximately 230 MW. It also contemplates evaluating additional phases of development, with the potential for total data centre load at the Keephills site to aggregate up to 1 GW over time.

Why is TransAlta’s Keephills site suitable for data centre development?

The Keephills site is described as strategic because it offers a large zoned land position, existing transmission connections, natural gas and water infrastructure, and on-site generation. These features can support long-term scale for an energy-intensive data centre development in Alberta.

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