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a partnership to jointly manage the closed- loop pumped storage project, with TransAlta acting as project developer. The acquisition includes the land rights, fixed assets and intellectual property associated with the pumped storage development project. The project leverages Montem’s existing assets at Tent Mountain, which include large legacy water reservoirs from past mining operations. The characteristics of the Tent Mountain site are rare and present a unique opportunity to provide 15 hours of energy storage capability for the Alberta 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. “The Tent Mountain Renewable Energy Complex is a unique development opportunity for our Company and the Province of Alberta,” commented John Kousinioris, President and Chief Executive Officer of TransAlta. “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. 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.” “We are thrilled to be entering into this partnership with TransAlta to develop the Tent Mountain Renewable Energy Complex,” added Peter Doyle, Managing Director and Chief Executive Officer of Montem. “TransAlta has been operating in the Alberta power market for more than 110 years and brings many skill sets which are complementary to Montem’s.” TransAlta will pay Montem approximately $8 million upon closing the transaction with additional payments of up to $17 million (approximately $25 million total) contingent on the achievement of specific development and commercial milestones. The acquisition also includes the intellectual property associated with a 100MW offsite green hydrogen electrolyser and a 100MW offsite wind development project. The closing of the transaction remains subject to customary closing conditions, including receipt by Montem of shareholder approval, with closing expected to occur in March 2023. The project will be independent of
6 | March 2023 |
www.waterpowermagazine.com
TransAlta’s existing Alberta hydro assets and will be managed through this partnership.
Australia
RSK Group acquires Pensar Infrastructure Group RSK Group Limited (RSK) has announced that it has acquired Brisbane-based Pensar Infrastructure Group, with the company to join RSK Australia, bolstering the Group’s expertise in water and critical infrastructure in the region. With a projected annual turnover of AU$200 million for the financial year 2023, Pensar is the largest acquisition by the RSK Group outside the UK. Pensar is the sixth business to join RSK Australia in 18 months, in alignment with the latter’s rapid growth strategy and plans to further strengthen their expertise and increase staff to 2,000 in the next 24 months. “The addition of Pensar to the RSK Group is a major step forward in line with our geographic diversification strategy, which involves bringing like-minded businesses into the group and developing a full suite of environmental, engineering and technical service offerings across each state and territory in Australia,” said Mark Haydock, Managing Director of RSK Australia. “Since our inception in 2021, RSK Australia has acquired six strong businesses that contribute over 10% of the RSK Group’s global revenue – a testament to the opportunities that abound in Australia’s buoyant market. With the combined expertise of Pensar and RSK’s global businesses, including water expert Binnies and the RSK Centre for Sustainability Excellence in Singapore, clients will benefit from the latest innovative solutions to meet Australia’s future infrastructure needs.” Providing innovative infrastructure solutions across Australia, Pensar has worked on numerous projects over two decades for clients such as Unitywater; Department of Defence, Transport and Main Roads – Queensland; Urban Utilities; Brisbane City Council; City of Gold Coast; Hunter Water; TasWater; and WaterNSW, among others. Karl Yunker, Managing Director of Pensar, who continues to lead the business following the acquisition, said: “Together, RSK and Pensar have the opportunity to become a world leader in the design and delivery of critical water infrastructure projects, meeting the water security needs of Australia’s dynamic and growing population. We are excited to offer our clients a high level of customer service and deep technical expertise – across a range of sectors – a combination that is unique within the industry.”
Andorra
EDF-Andorra agreement could see additional hydro development EDF and the Andorran Government are set to work together to renovate and maintain
hydropower projects and review plans for the development of an additional hydroelectric power station in Hospitalet-près-l’Andorre as part of a recently extended cooperation agreement.
On 27 January 2023, Sílvia Calvó, Minister for the Environment, Agriculture and Sustainable Development of the Principality of Andorra, and Luc Rémont, Chairman and Chief Executive Officer of EDF, renewed their collaboration and signed a cooperation agreement for the Principality’s energy transition. The partnership provides a framework for cooperation between the EDF Group and the Principality of Andorra in the drive to fight climate change, replace fossil-fuels with low-carbon energy, and thereby decarbonise the economy and the region. It enables the EDF Group and FEDA (Forces Elèctriques d’Andorra) to continue working towards strategic objectives which include the review of the additional hydroelectric power station at the Hospitalet-près-l’Andorre site, and the renovation and heavy maintenance of hydroelectric power stations. Other objectives include: Signature of a long-term procurement contract for the import of electricity, and implementation of a PPA; development of cogeneration and heat networks; Development of local renewable energy production; roll-out of the smart metering programme; and development of the energy efficiency strategy. “We are proud to have signed a new long-
term partnership agreement and in this way to support the Principality of Andorra in its energy transition,” commented Luc Rémont, Chairman and Chief Executive Officer of EDF. “Our partners can rely on the EDF Group’s expertise, in all its forms, to meet the challenges of this transition to a low-carbon future.” Sílvia Calvó, Minister for the Environment, Agriculture and Sustainable Development of the Principality of Andorra, added: “We would like to thank EDF for its past support, which has now become all the more important given the current energy crisis. We are confident of our strong relationship with EDF, including in dealing with power supply restrictions. Thus, the multiyear agreement for the importation of electricity from France, signed by FEDA and EDF in 2019, has been valuable to us this year. The new agreement signed today will allow us to explore new ways for cooperation also aimed at stabilising the future cost of energy.”
Norway
Statkraft hydro assets to power INEOS Inovyn facilities Norwegian power company Statkraft and chemical company INEOS Inovyn have signed two new long-term power agreements which will see hydropower from Statkraft’s
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