TransAlta Corp. has entered into a definitive agreement to acquire a 50 percent interest in the Tent Mountain Renewable Energy Complex, an early-stage, 320-megawatt pumped hydro energy-storage development project located in southwest Alberta, Canada.
The project is now owned by Montem Resources. TransAlta and Montem will form a partnership and jointly manage the Project, with TransAlta acting as project developer. The acquisition includes the land rights, fixed assets and intellectual property associated with the pumped hydro development project. The project leverages Montem's existing assets at Tent Mountain, which include large legacy water reservoirs from past mining operations.
TransAlta will pay Montem approximately C$8 million ($6 million) upon closing the transaction, with additional payments of up to C$17 million ($13 million) — or approximately C$25 million ($19 million) total — contingent on the achievement of specific development and commercial milestone
