CALGARY – TransAlta Corp. reported a loss of $163 million in its latest quarter compared with a loss of $78 million in the same quarter a year earlier as its revenue rose 40 per cent.

The power utility says its loss amounted to 61 cents per diluted share for the quarter ended Dec. 31 compared with a loss of 29 cents per diluted share for the last three months of 2021.

Revenue totalled $854 million, up from $610 million in the same quarter a year earlier.

Free cash flow per share amounted to $1.17 per share for the quarter, up from 29 cents per share in the fourth quarter of 2021.

Earlier this month, TransAlta announced a deal to acquire a 50 per cent stake in the Tent Mountain Renewable Energy Complex, an early-stage pumped hydro energy storage development project in southwest Alberta.

Under the deal, TransAlta will pay Montem Resources Ltd. about $8 million, when the deal closes, with additional payments of up to $17 million contingent on the achievement of development and commercial milestones.

This report by The Canadian Press was first published Feb. 23, 2023.

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