PAI acquired a 50% shareholding of Stanley Power Inc. in December 2007 which has 49.99% interest in TransAlta Cogeneration L.P. 

In April 2011, Stanley Power increased the stakes of Meridian Cogeneration Plant in Saskatchewan through acquisition from Cogeneration L.P.

Currently, Stanley Power wholly owns Meridian Cogeneration Plant and through TransAlta Cogeneration L.P. owns four natural-gas fired cogeneration plants in Alberta and Ontario, and a coal-fired generation plant in Alberta.  The six plants have a total electricity generating capacity of 1,362 MW.