Company: TSLTF
Filing Date: 2025-12-12
Form Type: SUPPL
Source: 0001193125-25-317786
Chunk: 118

Company: TRANSALTA CORP
Filing Date: 2025-12-12
Form: SUPPL
Chunk 118
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      |     |     |         2 |   |     |              |         9 |   |     |          |         — |   |     |     |     — |     |       |      — |     |       |  11 |   |
| Net change in fair value recognized in 
 earnings                               |     |     |         — |   |     |              |         — |   |     |          |         — |   |     |     |     2 |     |       |      — |     |       |   2 |   |
| Balance, Dec. 31,                      
 2024                                   |     |     |         6 |   |     |              |       118 |   |     |          |        12 |   |     |     |    22 |     |       |      1 |     |       | 159 |   |

Equity-accounted Investments The Company’s investments in joint ventures and associates that are accounted for using the equity method consist of its investments in Skookumchuck, EMG International, LLC (EMG) and Tent Mountain Renewable Energy Complex (Tent Mountain). EMG International, LLC TransAlta holds a 30 per cent interest in EMG, a wastewater treatment processing company. Earnings are derived from the design and construction of wastewater treatment facilities. Skookumchuck Wind Project TransAlta holds a 49 per cent membership interest in SP Skookumchuck Investment, LLC. Skookumchuck is a 136.8 MW wind project located in Lewis and Thurston counties near Centralia in Washington state. The project has a 20-yearPPA with Puget Sound Energy. Tent Mountain Pumped Hydro Development Project On April 24, 2023, the Company acquired a 50 per cent interest in Tent Mountain, an early-stage 320 MW pumped hydro energy storage development project, located in southwest Alberta, from Evolve Power Ltd., formerly known as Montem Resources Limited. The acquisition included land rights, fixed assets and intellectual property associated with the pumped hydro development project. The Company paid Evolve $8 million on closing and made additional investments of $2 million during the balance of 2023. On Oct. 8, 2024, the Company increased its interest from 50 to 60 per cent by converting an outstanding loan receivable balance into an additional interest in the partnership. Additional contingent payments of up to $17 million may become payable to Evolve