TransAlta acquires 50% interest in Tent Mountain Renewable Energy Complex

TransAlta "announced that it has entered into a definitive agreement to acquire a 50% interest in the Tent Mountain Renewable Energy Complex, an early-stage 320 MW pumped hydro energy storage development project, located in southwest Alberta, currently owned by Montem Resources Limited. 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 has owned, operated, and constructed hydro facilities for more than 110 years and this Project offers similar long-term advantages as TransAlta’s other Alberta hydro facilities. These long-term advantages include that the Project will have a life span of greater than 80 years, which will substantially reduce its operating costs compared to other technologies over the life of the Project."