CALGARY — TransAlta Corp. says it will acquire a 50 per cent interest in an early-stage pumped hydro energy storage development project in southwest Alberta.

The Calgary company says Montem Resources Limited currently owns the Tent Mountain Renewable Energy Complex the two companies will jointly manage with TransAlta acting as project developer.

Under the deal, TransAlta will pay Montem about $8 million, when the deal closes, with additional payments of up to $17 million contingent on the achievement of development and commercial milestones.

The deal is subject to closing conditions, including approval from Montem shareholders, but is expected to close next month.

The deal includes land rights, fixed assets and intellectual property associated with the pumped hydro development project.

The project will be developed over the next four years, with construction targeted to start as early as 2026 and operation not expected to start until sometime between 2028 and 2030.

This report by The Canadian Press was first published Feb. 17, 2023.

Companies in this story: (TSX:TA)

The Canadian Press

News from © The Canadian Press, 2022. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • 0045 WBPC 2023 Bright Colors P
    0045 WBPC 2023 Bright Colors P
  • 0044 PTRC CCUS Aquistore
    0044 PTRC CCUS Aquistore
  • 0043 ALX ten sizes
    0043 ALX ten sizes
  • 0042 Sask Oilfield Services
    0042 Sask Oilfield Services
  • 0039 Summit ESP Saskatchewan lower third
    0039 Summit ESP Saskatchewan lower third
  • 0041 DEEP Since 2018 now we are going to build
    0041 DEEP Since 2018 now we are going to build
  • 0040 Southeast College safety tickets
    0040 Southeast College safety tickets
  • 0033 Buffalo Potash Jared Small Footprint
  • 0032 IWS Summer hiring rock trailer music
  • 0029 Latus Viro updated Latus phone
  • 0025 Kendalls
  • 0026 Buffalo Potash Quinton Salt
  • 0023 LC Trucking tractor picker hiring mix
  • 0022 Grimes winter hiring
  • 0021 OSY Rentals S8 Promo
  • 0019 Jerry Mainil Ltd hiring dugout
  • 0018 IWS Hiring Royal Summer
  • 0014 Buffalo Potash What if PO
  • 0013 Panther Drilling PO ad 03 top drive rigs
  • 0011
  • 0006 JK Junior
  • 0004 Royal Helium PO Ad 02
  • 9001
  • 0002