TransAlta to acquire a 50% stake in the Tent Mountain Renewable Energy Complex from Montem Resources for $25m.

TransAlta, an electricity power generator and wholesale marketing company, agreed to acquire a 50% stake in the Tent Mountain Renewable Energy Complex, an early-stage 320 MW pumped hydro energy storage development project, from Montem Resources, a steelmaking coal and renewable energy development company, for $25m. “The Tent Mountain Renewable Energy Complex is a unique development opportunity for our Company and the Province of Alberta. The Project can support the reliability of the Alberta grid with a proven technology that is non-emitting and has a significantly larger capacity and duration than other currently available storage options. We believe long duration storage projects, like Tent Mountain, are essential to support the reliability of the grid in Alberta as wind and solar penetration increase on the path to net-zero electricity,” John Kousinioris, TransAlta President and CEO.