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 14, 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 for approximately CAD 25 million on April 24, 2023. As consideration the TransAlta Corporation paid approximately CAD 8 million on closing of the transaction and additional contingent payments of up to CAD 17 million payable to Montem based on the achievement of specific development and commercial milestones. The acquisition includes the land rights, fixed assets and intellectual property associated with the pumped hydro development project. The transaction was approved by the shareholder of Montem Resources on April 12, 2023. The Company and Montem own the Tent Mountain project within a special purpose partnership that is jointly managed, with TransAlta Corporation acting as project developer.