TransAlta Corporation entered into an agreement to acquire 50% interest in Tent Mountain Renewable Energy Complex from Montem Resources Limited for approximately CAD 24.7 million on February 16, 2023. TransAlta will pay Montem approximately CAD 7.7 million upon closing the transaction with additional payments of up to CAD17 million contingent on the achievement of specific development and commercial milestones. The acquisition also includes the intellectual property associated with a 100 MW offsite green hydrogen electrolyser and a 100 MW offsite wind development project. The closing of the transaction remains subject to customary closing conditions, including receipt by Montem of shareholder approval. TransAlta and Montem will form a partnership and jointly manage the Project, with TransAlta acting as project developer. The Project will be independent of TransAlta existing Alberta hydro assets and will be managed through this partnership. 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. The deal is expected to close in March 2023.

TransAlta Corporation completed the acquisition of 50% interest in Tent Mountain Renewable Energy Complex from Montem Resources Limited on April 26, 2023. The transaction was approved by the shareholder of Montem Resources on April 12, 2023.