TransAlta Corp. says it can purchase a 50 % curiosity in an early-stage pumped hydro vitality storage improvement challenge in southwestern Alberta.
The Calgary firm says Montem Sources Restricted presently owns the Tent Mountain Renewable Vitality Complicated which the 2 corporations will collectively handle with TransAlta appearing as challenge developer.
Underneath the deal, TransAlta pays Montem about $8 million, when the deal closes, with further funds of as much as $17 million contingent on the achievement of improvement and industrial milestones.
The transaction is topic to closing situations, together with approval from Montem shareholders, however is predicted to shut subsequent month.
The deal contains land rights, fastened property and mental property associated to the pumped hydro improvement challenge.
The challenge will probably be developed over the subsequent 4 years, with building focused to start out as early as 2026 and operation anticipated to start between 2028 and 2030.
