TransAlta has firmed an agreement with Montem Resources for the acquisition of 50% of the Tent Mountain project in Canada. Tent Mountain is a 320MW hybrid pumped hydro-energy storage complex in Alberta.
The transaction costs US$8m to TransAlta upon the closing of the agreement (expected in March), with additional payments of up to US$17m to be made when specific milestones in the plant’s life cyle are achieved.
The deal establishes that TransAlta and Montem will be joint partners for the management of the facility, while TransAlta will carry out the development of the project. All feasibility studies have already been executed.
Construction is scheduled to start in 2026 and start-up should come between 2028 and 2030.
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