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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on November 9, 2021</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: right"><B>Registration No. 333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>




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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 3pt 0 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, DC 20549</B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>FORM S-8</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>UNDER</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933</I></B></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B>TRANSALTA CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in its charter)</P>

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  <TR>
    <TD STYLE="vertical-align: top; width: 39%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Canada</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">incorporation or organization)</P></TD>
    <TD STYLE="vertical-align: bottom; width: 27%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 34%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>N/A</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(I.R.S. Employer</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Identification No.)</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>110-12th Avenue S.W., Box 1900</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Station &ldquo;M&rdquo;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Calgary, Alberta, Canada</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>T2P 2M1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Address of principal executive offices)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt">(Zip code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TransAlta Corporation Share Unit Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Full title of the plans)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>TransAlta Centralia Generation LLC</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>913 Big Hanaford
Road, Centralia, Washington 98531-9101</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Name and address of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(360) 736-9901</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Telephone number, including area code, of agent for
service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-align: center"><B><I>Copies to:</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>Kerry
O&rsquo;Reilly Wilks<BR>
TransAlta Corporation<BR>
110-12th Avenue S.W.<BR>
Station &quot;M&quot;<BR>
Calgary, Alberta, Canada T2P 2M1<BR>
(403) 267-7110</B></FONT></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Andrew. J. Foley</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>1285 Avenue of the Americas</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10019-6064</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 373-3000</B></P></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of &ldquo;large
accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo;
in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 56%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="width: 20%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act. <FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

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  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 4px double; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title of Securities to be Registered</B></FONT></TD>
    <TD STYLE="border-top: Black 4px double; font: 10pt Times New Roman, Times, Serif; width: 17%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount to be Registered(1)</B></FONT></TD>
    <TD STYLE="border-top: Black 4px double; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum Offering Price Per Share</B></FONT></TD>
    <TD STYLE="border-top: Black 4px double; font: 10pt Times New Roman, Times, Serif; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Proposed Maximum<BR>
Aggregate Offering Price(2)</B></FONT></TD>
    <TD STYLE="border-top: Black 4px double; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Amount of Registration Fee</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Common Shares</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">2,000,000</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$22,320,000</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">$2,069.06</FONT></TD></TR>
  </TABLE>

<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 10%; color: black">

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(1)</TD><TD STYLE="text-align: justify">This registration statement on Form S-8 (this &ldquo;Registration
Statement&rdquo;) covers the offering of an aggregate of 2,000,000 common shares (&ldquo;Common Shares&rdquo;), of TransAlta Corporation
(the &ldquo;Registrant&rdquo;) which may be issued upon the settlement of vested performance share units and restricted share units granted
under the TransAlta Corporation Share Unit Plan dated May 4, 2021 (the &ldquo;Plan&rdquo;). Pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), this Registration Statement also covers any additional Common Shares that
may become issuable in respect of the securities identified in the above table to prevent dilution resulting from any stock dividend,
stock split, recapitalization or other similar transaction.</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 20pt; text-align: left">(2)</TD><TD STYLE="text-align: justify">Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(h) under the Securities Act, based on the average of the high and low prices of the Common Shares as
reported on the New York Stock Exchange on November 8, 2021, a date within five business days of the filing of this Registration Statement.</TD>
</TR></TABLE>
<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXPLANATORY NOTE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">TransAlta Corporation (&ldquo;TransAlta&rdquo; or the
&ldquo;Registrant&rdquo;) has prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities
Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), to register 2,000,000 common shares of TransAlta (the &ldquo;Common Shares&rdquo;),
that may be issued in settlement of vested performance share units and restricted share units granted from time to time pursuant to the
terms of the TransAlta Corporation Share Unit Plan dated May 4, 2021 (the &ldquo;Plan&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART I<BR>
<BR>
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 1.</B></TD><TD><B>Plan Information.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The documents containing the information specified
in Part I will be sent or given to employees participating in the Plan, as specified by Rule 428(b)(1) under the Securities Act. In accordance
with the instructions to Part I of Form S-8, such documents will not be filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
These documents and the documents incorporated by reference pursuant to Item 3 of Part II of this Registration Statement, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 2.</B></TD><TD><B>Registrant Information and Employee Plan Annual Information.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Upon written or oral request, any of the documents
incorporated by reference in Item 3 of Part II of this Registration Statement, which are also incorporated by reference in the Section
10(a) prospectus, other documents required to be delivered to eligible participants pursuant to Rule 428(b) under the Securities Act,
or additional information about the Plan, will be available without charge by contacting the Corporate Secretary of TransAlta in writing
at 110-12th Avenue S.W., Station &quot;M&quot;, Calgary, Alberta, Canada T2P 2M1, or by telephone at (403) 267-7110.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>PART II<BR>
<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 3.</B></TD><TD><B>Incorporation of Documents by Reference.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The following documents, which have been filed
with, or furnished to, the SEC by the Registrant pursuant to the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;),
are hereby incorporated by reference in, and shall be deemed to be a part of, this Registration Statement:</P>

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    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">The Registrant&rsquo;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000114480021000005/tac-20201231_d2.htm">Form 40-F</A> for the year ended December 31, 2020, filed with the SEC on March 3, 2021 (Commission File No. 001-15214);</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">All reports filed by the Registrant pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) since March 3, 2021; and</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24px; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">the description of the Common Shares set forth under the caption &ldquo;Description of Share Capital-Common Shares&rdquo; in the Registration Statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000119312521190256/d152951df10.htm#parti_toc152951_9">Form F-10</A> filed by the Registrant with the SEC on June 15, 2021 (Commission File No. 333-257098), and all amendments and reports filed with the SEC for the purpose of updating such description.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">All documents subsequently filed with, or furnished
to, the SEC by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing or furnishing of such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 4.</B></TD><TD><B>Description of Securities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Not applicable.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 5.</B></TD><TD><B>Interests of Named Experts and Counsel.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Not applicable.</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 6.</B></TD><TD><B>Indemnification of Directors and Officers.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Under s. 124 of the <I>Canada Business Corporation
Act</I> (&quot;CBCA&quot;), the Registrant may indemnify a director or officer of the Registrant, a former director or officer of the
Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a
similar capacity, of another entity, against all costs, charges, and expenses, including an amount paid to settle an action or satisfy
a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding
in which the individual is involved because of that association with the Registrant or other entity. In addition, the Registrant may advance
moneys to a director, officer or other individual for the costs, charges and expenses of a proceeding referred to above. The individual
shall repay the moneys if the individual does not fulfill the conditions in (a) and (b) below. The Registrant may not indemnify an individual
referred to above unless the individual (a) acted honestly and in good faith with a view to the best interests of the Registrant, or,
as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity
at the Registrant's request; and (b) in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty,
the individual had reasonable grounds for believing that the individual's conduct was lawful. The Registrant may with the approval of
a court, indemnify an individual referred to above, or advance moneys for the cost, charges and expenses of a proceeding referred to above,
in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual
is made a party because of the individual's association with the Registrant or other entity as described above against all costs, charges
and expenses reasonably incurred by the individual in connection with such action, if the individual fulfills the conditions set out in
(a) and (b) above. Notwithstanding the foregoing, an individual referred to above is entitled to indemnity from the Registrant in respect
of all costs, charges and expenses, reasonably incurred by the individual in the defence of any civil, criminal, administrative, investigative
or other proceeding to which the individual is subject because of the individual's association with the Registrant or other entity referred
to above, if the individual seeking indemnity was not judged by a court or other competent authority to have committed any fault or omitted
to do anything that the individual ought to have done, and if the individual fulfills the conditions set out in (a) and (b) above.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The by-laws of the Registrant provide that subject
to the limitations contained in the CBCA, but without limit to the right of the Registrant to indemnify any person under the CBCA or otherwise,
the Registrant shall indemnify a director or officer of the Registrant, a former director or officer of the Registrant or a person who
acts or acted at the Registrant's request as a director or officer of a body corporate of which the Registrant is or was a shareholder
or creditor, and the heirs and legal representatives thereof, against all costs, charges, and expenses, including an amount paid to settle
an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal or administrative action or proceeding
to which the individual is made a party by reason of being or having been a director or officer of the Registrant or a director or officer
of such body corporate, if the individual (a) acted honestly and in good faith with a view to the best interests of the Registrant; and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable
grounds for believing that the individual's conduct was lawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The Registrant maintains a directors and officers'
liability policy which provides coverage to the Registrant for all directors' and officers' related claims, losses and cost in any year,
subject to policy terms and conditions, limits and deductibles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">The Registrant has entered into indemnification
agreements with each of its officers and directors pursuant to which they are indemnified substantially to the extent permitted by the
CBCA. Pursuant to the terms of these agreements the Registrant maintains errors and omissions insurance for its officers and directors
while they remain an officer or director and for a period of 7 years thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is therefore unenforceable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 7.</B></TD><TD><B>Exemption from Registration Claimed.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Not applicable.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 8.</B></TD><TD><B>Exhibits.</B></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%"><FONT STYLE="font-size: 10pt">Exhibit Number </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: center"><FONT STYLE="font-size: 10pt">Description </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0401.htm">Certificate and Articles of Amalgamation of the Registrant dated January 1, 2009 (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Registration Statement on Form S-8 filed on March 4, 2020, Commission File No. 333-236894 (the &ldquo;Form S-8&rdquo;)).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0402.htm">Certificate and Articles of Amendment of the Registrant dated December 7, 2010 (incorporated by reference to Exhibit 4.2 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0403.htm">Certificate and Articles of Amendment of the Registrant dated November 23, 2011 (incorporated by reference to Exhibit 4.3 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0404.htm">Certificate and Articles of Amendment of the Registrant dated August 3, 2012 (incorporated by reference to Exhibit 4.4 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0405.htm">Certificate and Articles of Amendment of the Registrant dated August 13, 2014 (incorporated by reference to Exhibit 4.5 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920115529/tm2033196d1_ex99-1.htm">Certificate and Articles of Amendment of the Registrant dated October 9, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished October 16, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920036413/a20-12223_1ex99d1.htm">Amended and Restated By-Law No. 1 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920036413/a20-12223_1ex99d2.htm">Advance Notice By-Law No. 2 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.2 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.9*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0409.htm">TransAlta Corporation Share Unit Plan</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0501.htm">Opinion of Stikeman Elliott LLP as to the legality of the Common Shares</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0501.htm">Consent of Stikeman Elliott LLP (included in Exhibit 5.1 to this Registration Statement)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex2302.htm">Consent of Ernst &amp; Young LLP Chartered Professional Accountants</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">Power of Attorney (included on signature page).</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 45pt"><B>Item 9.</B></TD><TD><B>Undertakings.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(a) The undersigned Registrant hereby undertakes:</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in">(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in">(i) To include any prospectus required
by Section 10(a)(3) of the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in">(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table
in the effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in; text-indent: 0.5in">(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"><I>provided</I>, <I>however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii)
of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
by reference in the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(2) That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&rsquo;s annual report pursuant
to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of the Securities Act
of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Calgary, Province of Alberta, Canada, on November 9, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>TRANSALTA CORPORATION</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Registrant)</P></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 30%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 10%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black">/s/
    Kerry O&rsquo;Reilly Wilks</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Kerry O&rsquo;Reilly Wilks</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top">
    <P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif">Executive Vice President, Legal, Commercial and External Affairs</p>
</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><A NAME="a_001"></A><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Each person whose signature appears below appoints
<FONT STYLE="background-color: white">John Kousinioris</FONT> and Kerry O&rsquo;Reilly Wilks or any one of them, as such person&rsquo;s
true and lawful attorneys to execute in the name of each such person, and to file, any post-effective amendments to this registration
statement that any of such attorneys shall deem necessary or advisable to enable the registrant to comply with the Securities Act of 1933,
and any rules, regulations and requirements of the Securities and Exchange Commission with respect thereto, in connection with this registration
statement, which amendments may make such changes in such registration statement as any of the above-named attorneys deems appropriate,
and to comply with the undertakings of the registrant made in connection with this registration statement; and each of the undersigned
hereby ratifies all that any of said attorneys shall do or cause to be done by virtue thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 52%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 23%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ John Kousinioris</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President, Chief Executive Officer and Director (Principal Executive Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">John Kousinioris</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Todd J. Stack</FONT></TD>
    <TD>&nbsp;</TD>
    <TD ROWSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Executive Vice President, Finance &amp; Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Todd J. Stack</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ John P. Dielwart</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chair of the Board of Directors</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">John P. Dielwart</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Rona Ambrose</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Rona Ambrose </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Alan J. Fohrer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Alan J. Fohrer</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Harry Goldgut</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Harry Goldgut</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Bev F. Park</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Bev F. Park</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Bryan D. Pinney</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Bryan D. Pinney </FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Sandra R. Sharman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sandra R. Sharman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Laura W. Folse</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Laura W. Folse</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Thomas M. O&rsquo;Flynn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Thomas M. O&rsquo;Flynn</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ James Reid</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">James Reid</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ Sarah A. Slusser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">November 9, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sarah A. Slusser</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>AUTHORIZED U.S. REPRESENTATIVE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the requirements of Section 6(a) of the
Securities Act of 1933, the Authorized Representative has duly caused this Registration Statement to be signed on its behalf by the undersigned,
solely in its capacity as the duly authorized representative of TransAlta Corporation in the United States, on November 9, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%">
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><B>TRANSALTA CENTRALIA GENERATION LLC</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 4%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 38%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-size: 10pt">/s/ Lori Schmitt</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Lori Schmitt</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Secretary</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 10pt 0 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><B>Exhibit Index</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 7%"><FONT STYLE="font-size: 10pt">Exhibit Number </FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 92%; text-align: center"><FONT STYLE="font-size: 10pt">Description </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0401.htm">Certificate and Articles of Amalgamation of the Registrant dated January 1, 2009 (incorporated by reference to Exhibit 4.1 to the Registrant&rsquo;s Registration Statement on Form S-8 filed on March 4, 2020, Commission File No. 333-236894 (the &ldquo;Form S-8&rdquo;)).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0402.htm">Certificate and Articles of Amendment of the Registrant dated December 7, 2010 (incorporated by reference to Exhibit 4.2 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0403.htm">Certificate and Articles of Amendment of the Registrant dated November 23, 2011 (incorporated by reference to Exhibit 4.3 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0404.htm">Certificate and Articles of Amendment of the Registrant dated August 3, 2012 (incorporated by reference to Exhibit 4.4 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000095014220000704/eh2000423_ex0405.htm">Certificate and Articles of Amendment of the Registrant dated August 13, 2014 (incorporated by reference to Exhibit 4.5 to the Form S-8).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920115529/tm2033196d1_ex99-1.htm">Certificate and Articles of Amendment of the Registrant dated October 9, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished October 16, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920036413/a20-12223_1ex99d1.htm">Amended and Restated By-Law No. 1 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1144800/000110465920036413/a20-12223_1ex99d2.htm">Advance Notice By-Law No. 2 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.2 to the Registrant&rsquo;s Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">4.9*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0409.htm">TransAlta Corporation Share Unit Plan</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">5.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0501.htm">Opinion of Stikeman Elliott LLP as to the legality of the Common Shares</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex0501.htm">Consent of Stikeman Elliott LLP (included in Exhibit 5.1 to this Registration Statement)</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">23.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="eh210201163_ex2302.htm">Consent of Ernst &amp; Young LLP Chartered Professional Accountants</A></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">24.1*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><A HREF="#a_001">Power of Attorney (included on signature page).</A></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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[{"type": "S-8", "sequence": "1", "filename": "eh210201163_s8.htm", "description": "FORM S-8", "secsgml_size_bytes": 74777}]
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As filed with the Securities and Exchange Commission
on November 9, 2021
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
TRANSALTA CORPORATION
(Exact name of registrant as specified in its charter)
Canada
(State or other jurisdiction of
incorporation or organization)
N/A
(I.R.S. Employer
Identification No.)
110-12th Avenue S.W., Box 1900
Station "M"
Calgary, Alberta, Canada
T2P 2M1
(Address of principal executive offices)
(Zip code)
TransAlta Corporation Share Unit Plan
(Full title of the plans)
TransAlta Centralia Generation LLC
913 Big Hanaford
Road, Centralia, Washington 98531-9101
(Name and address of agent for service)
(360) 736-9901
(Telephone number, including area code, of agent for
service)
Copies to:
Kerry
O'Reilly Wilks
TransAlta Corporation
110-12th Avenue S.W.
Station "M"
Calgary, Alberta, Canada T2P 2M1
(403) 267-7110
Andrew. J. Foley
Paul, Weiss, Rifkind, Wharton & Garrison LLP
1285 Avenue of the Americas
New York, New York 10019-6064
(212) 373-3000
Indicate by check mark whether the registrant is a large accelerated filer,
an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large
accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act.
☐
CALCULATION OF REGISTRATION FEE
Title of Securities to be Registered
Amount to be Registered(1)
Proposed Maximum Offering Price Per Share
Proposed Maximum
Aggregate Offering Price(2)
Amount of Registration Fee
Common Shares
2,000,000
(2)
$22,320,000
$2,069.06
(1)
This registration statement on Form S-8 (this "Registration
Statement") covers the offering of an aggregate of 2,000,000 common shares ("Common Shares"), of TransAlta Corporation
(the "Registrant") which may be issued upon the settlement of vested performance share units and restricted share units granted
under the TransAlta Corporation Share Unit Plan dated May 4, 2021 (the "Plan"). Pursuant to Rule 416(a) under the Securities
Act of 1933, as amended (the "Securities Act"), this Registration Statement also covers any additional Common Shares that
may become issuable in respect of the securities identified in the above table to prevent dilution resulting from any stock dividend,
stock split, recapitalization or other similar transaction.
(2)
Estimated solely for the purpose of calculating the registration
fee in accordance with Rule 457(h) under the Securities Act, based on the average of the high and low prices of the Common Shares as
reported on the New York Stock Exchange on November 8, 2021, a date within five business days of the filing of this Registration Statement.
EXPLANATORY NOTE
TransAlta Corporation ("TransAlta" or the
"Registrant") has prepared this Registration Statement in accordance with the requirements of Form S-8 under the Securities
Act of 1933, as amended (the "Securities Act"), to register 2,000,000 common shares of TransAlta (the "Common Shares"),
that may be issued in settlement of vested performance share units and restricted share units granted from time to time pursuant to the
terms of the TransAlta Corporation Share Unit Plan dated May 4, 2021 (the "Plan").
PART I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1.
Plan Information.
The documents containing the information specified
in Part I will be sent or given to employees participating in the Plan, as specified by Rule 428(b)(1) under the Securities Act. In accordance
with the instructions to Part I of Form S-8, such documents will not be filed with the Securities and Exchange Commission (the "SEC")
either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 under the Securities Act.
These documents and the documents incorporated by reference pursuant to Item 3 of Part II of this Registration Statement, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.
Item 2.
Registrant Information and Employee Plan Annual Information.
Upon written or oral request, any of the documents
incorporated by reference in Item 3 of Part II of this Registration Statement, which are also incorporated by reference in the Section
10(a) prospectus, other documents required to be delivered to eligible participants pursuant to Rule 428(b) under the Securities Act,
or additional information about the Plan, will be available without charge by contacting the Corporate Secretary of TransAlta in writing
at 110-12th Avenue S.W., Station "M", Calgary, Alberta, Canada T2P 2M1, or by telephone at (403) 267-7110.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference.
The following documents, which have been filed
with, or furnished to, the SEC by the Registrant pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"),
are hereby incorporated by reference in, and shall be deemed to be a part of, this Registration Statement:
(a)
The Registrant's Annual Report on
Form 40-F
for the year ended December 31, 2020, filed with the SEC on March 3, 2021 (Commission File No. 001-15214);
(b)
All reports filed by the Registrant pursuant to Sections 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") since March 3, 2021; and
(c)
the description of the Common Shares set forth under the caption "Description of Share Capital-Common Shares" in the Registration Statement on
Form F-10
filed by the Registrant with the SEC on June 15, 2021 (Commission File No. 333-257098), and all amendments and reports filed with the SEC for the purpose of updating such description.
2
All documents subsequently filed with, or furnished
to, the SEC by the Registrant pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a post-effective
amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold,
shall be deemed to be incorporated by reference herein and to be a part hereof from the date of filing or furnishing of such documents.
Any statement contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement
to the extent that a statement contained herein (or in any other subsequently filed document which also is incorporated or deemed to be
incorporated by reference herein) modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4.
Description of Securities.
Not applicable.
Item 5.
Interests of Named Experts and Counsel.
Not applicable.
Item 6.
Indemnification of Directors and Officers.
Under s. 124 of the
Canada Business Corporation
Act
("CBCA"), the Registrant may indemnify a director or officer of the Registrant, a former director or officer of the
Registrant or another individual who acts or acted at the Registrant's request as a director or officer, or an individual acting in a
similar capacity, of another entity, against all costs, charges, and expenses, including an amount paid to settle an action or satisfy
a judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative, investigative or other proceeding
in which the individual is involved because of that association with the Registrant or other entity. In addition, the Registrant may advance
moneys to a director, officer or other individual for the costs, charges and expenses of a proceeding referred to above. The individual
shall repay the moneys if the individual does not fulfill the conditions in (a) and (b) below. The Registrant may not indemnify an individual
referred to above unless the individual (a) acted honestly and in good faith with a view to the best interests of the Registrant, or,
as the case may be, to the best interests of the other entity for which the individual acted as director or officer or in a similar capacity
at the Registrant's request; and (b) in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty,
the individual had reasonable grounds for believing that the individual's conduct was lawful. The Registrant may with the approval of
a court, indemnify an individual referred to above, or advance moneys for the cost, charges and expenses of a proceeding referred to above,
in respect of an action by or on behalf of the Registrant or other entity to procure a judgment in its favor, to which the individual
is made a party because of the individual's association with the Registrant or other entity as described above against all costs, charges
and expenses reasonably incurred by the individual in connection with such action, if the individual fulfills the conditions set out in
(a) and (b) above. Notwithstanding the foregoing, an individual referred to above is entitled to indemnity from the Registrant in respect
of all costs, charges and expenses, reasonably incurred by the individual in the defence of any civil, criminal, administrative, investigative
or other proceeding to which the individual is subject because of the individual's association with the Registrant or other entity referred
to above, if the individual seeking indemnity was not judged by a court or other competent authority to have committed any fault or omitted
to do anything that the individual ought to have done, and if the individual fulfills the conditions set out in (a) and (b) above.
3
The by-laws of the Registrant provide that subject
to the limitations contained in the CBCA, but without limit to the right of the Registrant to indemnify any person under the CBCA or otherwise,
the Registrant shall indemnify a director or officer of the Registrant, a former director or officer of the Registrant or a person who
acts or acted at the Registrant's request as a director or officer of a body corporate of which the Registrant is or was a shareholder
or creditor, and the heirs and legal representatives thereof, against all costs, charges, and expenses, including an amount paid to settle
an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal or administrative action or proceeding
to which the individual is made a party by reason of being or having been a director or officer of the Registrant or a director or officer
of such body corporate, if the individual (a) acted honestly and in good faith with a view to the best interests of the Registrant; and
(b) in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable
grounds for believing that the individual's conduct was lawful.
The Registrant maintains a directors and officers'
liability policy which provides coverage to the Registrant for all directors' and officers' related claims, losses and cost in any year,
subject to policy terms and conditions, limits and deductibles.
The Registrant has entered into indemnification
agreements with each of its officers and directors pursuant to which they are indemnified substantially to the extent permitted by the
CBCA. Pursuant to the terms of these agreements the Registrant maintains errors and omissions insurance for its officers and directors
while they remain an officer or director and for a period of 7 years thereafter.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions,
the Registrant has been informed that in the opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is therefore unenforceable.
Item 7.
Exemption from Registration Claimed.
Not applicable.
4
Item 8.
Exhibits.
Exhibit Number
Description
4.1
Certificate and Articles of Amalgamation of the Registrant dated January 1, 2009 (incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-8 filed on March 4, 2020, Commission File No. 333-236894 (the "Form S-8")).
4.2
Certificate and Articles of Amendment of the Registrant dated December 7, 2010 (incorporated by reference to Exhibit 4.2 to the Form S-8).
4.3
Certificate and Articles of Amendment of the Registrant dated November 23, 2011 (incorporated by reference to Exhibit 4.3 to the Form S-8).
4.4
Certificate and Articles of Amendment of the Registrant dated August 3, 2012 (incorporated by reference to Exhibit 4.4 to the Form S-8).
4.5
Certificate and Articles of Amendment of the Registrant dated August 13, 2014 (incorporated by reference to Exhibit 4.5 to the Form S-8).
4.6
Certificate and Articles of Amendment of the Registrant dated October 9, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant's Report of Foreign Issuer on Form 6-K furnished October 16, 2020, Commission File No. 001-15214).
4.7
Amended and Restated By-Law No. 1 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant's Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).
4.8
Advance Notice By-Law No. 2 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.2 to the Registrant's Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).
4.9*
TransAlta Corporation Share Unit Plan
5.1*
Opinion of Stikeman Elliott LLP as to the legality of the Common Shares
23.1*
Consent of Stikeman Elliott LLP (included in Exhibit 5.1 to this Registration Statement)
23.2*
Consent of Ernst & Young LLP Chartered Professional Accountants
24.1*
Power of Attorney (included on signature page).
* Filed herewith.
5
Item 9.
Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to this registration statement:
(i) To include any prospectus required
by Section 10(a)(3) of the Securities Act;
(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding
the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed
that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the
form of prospectus filed with the SEC pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table
in the effective registration statement; and
(iii) To include any material information
with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information
in the registration statement;
provided
,
however
, that paragraphs (a)(1)(i) and (a)(1)(ii)
of this section do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated
by reference in the registration statement.
(2) That, for the purpose of determining any
liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to
the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.
(3) To remove from registration by means of
a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant
to Section 13(a) or 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions,
or otherwise, the Registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed
in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the
securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in
the Securities Act and will be governed by the final adjudication of such issue.
6
SIGNATURES
Pursuant to the requirements of the Securities Act
of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all the requirements for filing on Form S-8
and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Calgary, Province of Alberta, Canada, on November 9, 2021.
TRANSALTA CORPORATION
(Registrant)
By:
/s/
    Kerry O'Reilly Wilks
Name:
Kerry O'Reilly Wilks
Title:
Executive Vice President, Legal, Commercial and External Affairs
7
POWER OF ATTORNEY
Each person whose signature appears below appoints
John Kousinioris
and Kerry O'Reilly Wilks or any one of them, as such person's
true and lawful attorneys to execute in the name of each such person, and to file, any post-effective amendments to this registration
statement that any of such attorneys shall deem necessary or advisable to enable the registrant to comply with the Securities Act of 1933,
and any rules, regulations and requirements of the Securities and Exchange Commission with respect thereto, in connection with this registration
statement, which amendments may make such changes in such registration statement as any of the above-named attorneys deems appropriate,
and to comply with the undertakings of the registrant made in connection with this registration statement; and each of the undersigned
hereby ratifies all that any of said attorneys shall do or cause to be done by virtue thereof.
Pursuant to the requirements of the Securities
Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
Name
Title
Date
/s/ John Kousinioris
President, Chief Executive Officer and Director (Principal Executive Officer)
November 9, 2021
John Kousinioris
/s/ Todd J. Stack
Executive Vice President, Finance & Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)
November 9, 2021
Todd J. Stack
/s/ John P. Dielwart
Chair of the Board of Directors
November 9, 2021
John P. Dielwart
/s/ Rona Ambrose
Director
November 9, 2021
Rona Ambrose
/s/ Alan J. Fohrer
Director
November 9, 2021
Alan J. Fohrer
/s/ Harry Goldgut
Director
November 9, 2021
Harry Goldgut
/s/ Bev F. Park
Director
November 9, 2021
Bev F. Park
/s/ Bryan D. Pinney
Director
November 9, 2021
Bryan D. Pinney
/s/ Sandra R. Sharman
Director
November 9, 2021
Sandra R. Sharman
/s/ Laura W. Folse
Director
November 9, 2021
Laura W. Folse
/s/ Thomas M. O'Flynn
Director
November 9, 2021
Thomas M. O'Flynn
/s/ James Reid
Director
November 9, 2021
James Reid
/s/ Sarah A. Slusser
Director
November 9, 2021
Sarah A. Slusser
8
AUTHORIZED U.S. REPRESENTATIVE
Pursuant to the requirements of Section 6(a) of the
Securities Act of 1933, the Authorized Representative has duly caused this Registration Statement to be signed on its behalf by the undersigned,
solely in its capacity as the duly authorized representative of TransAlta Corporation in the United States, on November 9, 2021.
TRANSALTA CENTRALIA GENERATION LLC
By:
/s/ Lori Schmitt
Name:
Lori Schmitt
Title:
Secretary
9
Exhibit Index
Exhibit Number
Description
4.1
Certificate and Articles of Amalgamation of the Registrant dated January 1, 2009 (incorporated by reference to Exhibit 4.1 to the Registrant's Registration Statement on Form S-8 filed on March 4, 2020, Commission File No. 333-236894 (the "Form S-8")).
4.2
Certificate and Articles of Amendment of the Registrant dated December 7, 2010 (incorporated by reference to Exhibit 4.2 to the Form S-8).
4.3
Certificate and Articles of Amendment of the Registrant dated November 23, 2011 (incorporated by reference to Exhibit 4.3 to the Form S-8).
4.4
Certificate and Articles of Amendment of the Registrant dated August 3, 2012 (incorporated by reference to Exhibit 4.4 to the Form S-8).
4.5
Certificate and Articles of Amendment of the Registrant dated August 13, 2014 (incorporated by reference to Exhibit 4.5 to the Form S-8).
4.6
Certificate and Articles of Amendment of the Registrant dated October 9, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant's Report of Foreign Issuer on Form 6-K furnished October 16, 2020, Commission File No. 001-15214).
4.7
Amended and Restated By-Law No. 1 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.1 to the Registrant's Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).
4.8
Advance Notice By-Law No. 2 of the Registrant, dated March 3, 2020 (incorporated by reference to Exhibit 99.2 to the Registrant's Report of Foreign Issuer on Form 6-K furnished March 20, 2020, Commission File No. 001-15214).
4.9*
TransAlta Corporation Share Unit Plan
5.1*
Opinion of Stikeman Elliott LLP as to the legality of the Common Shares
23.1*
Consent of Stikeman Elliott LLP (included in Exhibit 5.1 to this Registration Statement)
23.2*
Consent of Ernst & Young LLP Chartered Professional Accountants
24.1*
Power of Attorney (included on signature page).
* Filed herewith.
10