Second utility-scale solar and BESS project in
Alberta to reach ready-to build
status in 2024
CALGARY,
AB, Nov. 5, 2024 /CNW/ - Westbridge
Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA:
PUQ) ("Westbridge",
"Westbridge Renewable" or the "Company") is pleased
to announce that it has closed the sale (the "Transaction")
of its 75% owned, Special Area 2, Alberta solar power plant project with a
capacity of up to 332MWp (the "Project"), to a subsidiary
of METLEN Energy & Metals, (RIC: MYTr.AT) (Bloomberg:
MYTIL.GA) (ADR: MYTHY US) ("METLEN") as announced on
June 1st, 2023 and
June 5th, 2023.
Transaction Details
The Transaction was completed by way of the sale of all the
issued and outstanding shares of Sunnynook Solar Energy Inc.
("Sunnynook"). Westbridge
satisfied the conditions for the Transaction, including regulatory
approvals from the Alberta Utilities Commission ("AUC") for
the construction, operation, and interconnection of the Project to
the Alberta Interconnected Electric System, and for the TSX Venture
Exchange ("TSXV"). The Company received C$41,440,385 at closing of the Transaction.
METLEN paid approximately 3% of the estimated base
purchase price at signing and 92% of the estimated purchase price
was paid at closing. The balance of the purchase price is expected
to be paid when the Project reaches commercial
operations.
In connection with closing of the Transaction, Westbridge repaid in full C$18,405,650 from the proceeds of the
Transaction, owing under its loan facilities secured by the
Project and the shares of Sunnynook, provided by certain
lending entities established by Leyline Renewable Capital, LLC, and
the security registered in respect thereof has been discharged.
Westbridge continues to retain
ownership and is continuing to advance the projects of the three
other wholly-owned Alberta
subsidiaries (the "SPVs") which are also subject to the
previously announced share purchase agreements with
METLEN. The sale of the shares of each SPV is not conditional
on the sale of the shares of any other of the SPVs.
Accordingly, each individual closing is expected to occur as soon
as the conditions to satisfy the purchase and sale of the shares of
the relevant SPV are met or waived, including regulatory approvals
from the AUC and TSXV.
Stefano Romanin, CEO and Director
of Westbridge Renewable commented,
"We are delighted to announce the closing of the Sunnynook
Project. This marks another significant milestone for Westbridge; it is our second utility-scale
project monetized in the last 12 months, and it is also our second
project advanced to 'ready-to-build' in Alberta. We have strong momentum in the
3 further projects committed for sale to METLEN and recently
received AUC approval for the 300MW Dolcy Solar Project" see
press release dated Sept 17,
2024.
The Sunnynook project will be built by METLEN and, when
completed, is expected to produce enough clean energy to power more
than 50,000 Alberta homes. We
applaud METLEN for its strategic vision and significant investment
in the Province of Alberta. In
addition to the success in Alberta, we are seeing exceptional growth
across our wider project portfolio in the US and other key
markets."
Luis Laguna, Regional Managing
Director, North America - METLEN
Energy & Metals, stated: "We are excited to take this
important step with the closing of the Sunnynook Project, marking a
significant milestone for METLEN in the Canadian market. This
project aligns with our strategic goal to expand our renewable
energy footprint across North
America and reinforces our commitment to delivering
sustainable, clean energy. We look forward to continued success
with Westbridge and to building on
our strong momentum in the sector."
About Westbridge Renewable Energy
Westbridge Renewable Energy Corp. originates, develops, and
monetizes best-in-class, utility-scale solar PV projects. The
Company has a portfolio of projects in four key jurisdictions,
Canada, the U.S., the U.K., and
Italy. Westbridge plans to deliver attractive,
long-term returns by originating, executing, and developing an
international portfolio of renewable assets for investors and
utilities. Management has a strong track-record with 40+ projects
developed worldwide, obtaining, and executing projects. As one of
the very few listed pure-play Canadian solar development companies,
Westbridge provides its investors
with valuable access to greenfield solar projects. This means the
Company can invest at the earliest stage of solar energy
development benefiting from the full value chain, as well as the
expected wider adoption of renewable energy going forward.
Westbridge brings together
regulators, corporate buyers, and landowners with the goal of
delivering clean, sustainable electricity to end users.
For more information, please visit: www.westbridge.energy |
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Certain information set forth in this document contains
forward-looking information and statements including, without
limitation, expected achievement of commercial operation of the
Project and its anticipated power capacity and production, the
advancement of the SPVs and the anticipated satisfaction of the
conditions to close the sale of shares of the SPVs (the
"Transactions") and the timing thereof, management's
business strategy, and management's assessment of future plans and
operations. Such forward-looking statements or information are
provided for the purpose of providing information about
management's current expectations and plans relating to the future,
including completion of the Transactions as proposed or obtaining
AUC and TSXV approval for the Transactions, as there is no
assurance the Transactions will be completed as planned or at all.
Forward-looking statements or information typically contain
statements with words such as "anticipate", "believe", "expect",
"plan", "intend", "estimate", "propose", "project", "potential" or
similar words suggesting future outcomes or statements regarding
future performance and outlook. Readers are cautioned that
assumptions used in the preparation of such information may prove
to be incorrect. Events or circumstances may cause actual results
to differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on
them as actual results may differ materially from the
forward-looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include risks and uncertainties relating to Company's
ability to complete licensing requirements, general business,
economic, competitive, regulatory, policy and social uncertainties,
and availability of permits and financing upon terms acceptable to
the Company or at all. Applicable risks and uncertainties include,
but are not limited to regulatory risks, risks related to general
business, economic, political and social uncertainties, changes in
laws, market risks, operating history, competition, and the other
risks identified under the headings "Risk Factors" in the Company's
annual information form dated August 14,
2024 and other disclosure documents available on the
Company's profile on SEDAR+ at www.sedarplus.ca. The
forward-looking statements contained in this press release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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SOURCE Westbridge Energy Corporation
