TransAlta building massive renewable energy project in southwestern Alberta

TransAlta has bought up a big stake in Montem's Tent Mountain Renewable Energy Project, which could see multiple different modes of green energy built on the site of a former coal mine.

TransAlta has announced it will build a multi-million-dollar renewable energy project on the site of a former coal mine.

The utility company says it is paying $26.7 million for a 50 per cent stake in Montem Resources' Tent Mountain Renewable Energy Complex (TM-REX).

According to Montem's website, the project includes a hydroelectric power system, a green hydrogen electrolyser and a 100 megawatt offsite wind farm.

It's expected to produce enough power to supply 450,000 homes at once.

Blair Painter, the mayor of Crowsnest Pass, hopes the facility will bring huge benefits to the region and is glad to see TransAlta get on board.

"It's really exciting to hear that a big player like them have jumped in," he said. "We're looking forward to this moving ahead as quickly as possible.

"I think it's a great opportunity for our community."

The project is expected to support 350 contruction jobs and 40 full-time operational jobs once the facility is finished.

The deal will be finalized later this month.