COLEMAN, AB – A utility company in Alberta is set to invest millions of dollars into a renewable energy project in the Crowsnest Pass.
TransAlta says it will pay up to $26.7 million in exchange for 50 per cent of the Trans Mountain Renewable Energy Complex (TM-REX).
TM-REX is a project by Montem Resources to convert a former metallurgical coal mine west of Coleman into a complex that can generate multiple different types of renewable energy.
Upon completion, it will include a 320 megawatt pumped hydro energy storage facility, a 100 megawatt green hydrogen electrolyser, and a 100 megawatt offsite wind farm.
TransAlta President and CEO John Kousinioris says the TM-REX presents a unique development opportunity for the company and for Alberta.
“The Project can support the reliability of the Alberta grid with a proven technology that is non-emitting and has a significantly larger capacity and duration than other currently available storage options,” says Kousinioris. “We believe long duration storage projects, like Tent Mountain, are essential to support the reliability of the grid in Alberta as wind and solar penetration increase on the path to net-zero electricity.”
Montem Resources Managing Director and CEO Peter Doyle calls the investment by TransAlta a “great win” for shareholders, both companies, and the general public.
He adds that the company will use the funding from TransAlta to develop the pumped hydro energy storage facility.
“The Tent Mountain Pumped Hydro Energy Storage project is a critical infrastructure project for Alberta, and we are excited about entering the next stages [of]development with [our] new partner,” says Doyle. “The TM-REX presents an exciting opportunity for Alberta, with the potential to create up to 400 jobs, power up to 400,000 homes, and abate up to 590,000 tonnes of CO2 annually.”
A news release from TransAlta states that TM-REX will have a lifespan of approximately 80 years, “which will substantially reduce its operating costs compared to other technologies over the life of the Project.”
The deal is expected to close in March 2023.
Source: Leth Bridge Newsnow