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TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project
TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Develo...
About this update from Transalta Corporation
[{"type":"text","content":"\n \n \n \n TransAlta Announces Acquisition of 50% Interest in Early-Stage Pumped Hydro Energy Storage Development Project\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Feb. 16, 2023\n \n \n /CNW/ - TransAlta Corporation (\"TransAlta\" or the \"Company\") (TSX: TA) (NYSE: TAC) announced today that it has entered into a definitive agreement to acquire a 50% interest in the Tent Mountain Renewable Energy Complex (\"Tent Mountain\" or the \"Project\"), an early-stage 320 MW pumped hydro energy storage development project, located in southwest\n \n Alberta\n \n , currently owned by Montem Resources Limited (\"Montem\") (ASX:MR1). 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.\n \n \n Pumped hydro is an environmentally sustainable solution for managing the intermittency of increased renewable electricity generation in the Province of\n \n Alberta\n \n ; the characteristics of the Tent Mountain site are rare and present a unique opportunity to provide 15 hours of energy storage capability for the\n \n Alberta\n \n market. The Project is strategically located on private, industrial zoned land, including an existing upper reservoir that supports a cost competitive pumped hydro project compared to other similar projects. The Project has already completed key technical and environmental work including a hydrology assessment, with additional geotechnical analysis being planned in 2023 to further advance the design of the Project. The Project will be developed over the next four years, with construction targeted to start as early as 2026 with a commercial operation date between 2028 and 2030, all subject to regulatory, commercial and engineering considerations.\n ...