## Westbridge Renewable Energy Sells 332MW Solar Project in Alberta, Second ‘Ready-to-Build’ Project in 2024
Westbridge Renewable Energy Corporation (TSXV: WEB), a leading developer of utility-scale solar projects, has reached another significant milestone. The company has closed the sale of its 75% owned, 332MWp solar power plant project in Alberta’s Special Area 2 to a subsidiary of METLEN Energy & Metals. This transaction marks the second utility-scale solar and battery energy storage system (BESS) project in Alberta to reach ‘ready-to-build’ status in 2024, demonstrating the growing momentum of renewable energy in the province.
The project, known as the Sunnynook Solar Energy Inc., was initially announced in June 2023. The transaction involved the sale of all issued and outstanding shares of Sunnynook to METLEN. Westbridge successfully satisfied the conditions for the transaction, including regulatory approvals from the Alberta Utilities Commission (AUC) and the TSX Venture Exchange (TSXV) for construction, operation, and interconnection of the project to the Alberta Interconnected Electric System. The company received C$41,440,385 at the closing of the transaction, with METLEN paying 92% of the estimated purchase price. The balance is expected to be paid when the project reaches commercial operations.
Westbridge used a portion of the proceeds to repay C$18,405,650 owed under its loan facilities secured by the project and the shares of Sunnynook. The company continues to own and advance three other wholly-owned Alberta subsidiaries subject to previously announced share purchase agreements with METLEN. These sales are not conditional on each other, meaning each closing is expected to occur as soon as the conditions are met.
Stefano Romanin, CEO and Director of Westbridge Renewable, expressed his delight with the transaction. “This marks another significant milestone for Westbridge; it’s our second utility-scale project monetized in the last 12 months, and it’s also our second project advanced to ‘ready-to-build’ in Alberta. We have strong momentum in the three further projects committed for sale to METLEN and recently received AUC approval for the 300MW Dolcy Solar Project.” Romanin added, “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.”
Luis Laguna, Regional Managing Director, North America – METLEN Energy & Metals, echoed the excitement, stating: “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.”
Westbridge Renewable Energy Corp. continues to make strides in its mission to originate, develop, and monetize 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’s focus on delivering attractive, long-term returns through its international portfolio of renewable assets solidifies its position as a key player in the renewable energy landscape.
