Westbridge Renewable Energy Completes Significant Project Sale
Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) is excited to announce the closing of their sale of the Sunnynook Solar PV project. This sale involved a 75% ownership stake in a solar power plant with a remarkable capacity of up to 332 MWp, marking another progressive step forward for the company.
Key Details of the Transaction
The transaction was executed through the sale of all outstanding shares of Sunnynook Solar Energy Inc. The necessary conditions for this transaction were satisfied, notably securing approvals from relevant regulatory bodies for the construction and connection of the project to the local electric grid.
At the closing of this deal, Westbridge garnered C$41,440,385. It’s notable that METLEN paid a portion upon signing and a majority at closing, with the remaining balance to be settled once the project reaches operational status.
Financial Strategy and Future Outlook
As part of the closing process, Westbridge repaid C$18,405,650 from the proceeds, successfully discharging the security associated with loan facilities linked to the project. The company remains optimistic, retaining ownership of three additional solar projects, which are under separate agreements with METLEN.
Comments from Leadership
Stefano Romanin, CEO of Westbridge Renewable, expressed elation at finalizing the Sunnynook project. He emphasized that this achievement marks their second utility-scale project monetized recently, showcasing the company's momentum in advancing similar initiatives.
Romanin highlighted that this project is expected to provide clean energy sufficient to power over 50,000 homes. He also applauded METLEN for their committed investment and strategic vision.
Growth Beyond Alberta
Westbridge has indicated that their project portfolio is experiencing exceptional growth not only within Alberta but also across critical markets in North America and internationally. This expansion reflects the company’s commitment to enhancing the renewable energy landscape.
Insights from METLEN Leadership
Luis Laguna, METLEN's Regional Managing Director for North America, remarked on the significance of this project as a key milestone in their Canadian operations. He reaffirmed METLEN's objective to broaden their renewable energy footprint throughout North America and emphasized their commitment to delivering sustainable energy solutions.
About Westbridge Renewable Energy
Westbridge Renewable Energy Corp. develops and monetizes top-tier utility-scale solar PV projects, boasting a diverse portfolio across Canada, the U.S., the U.K., and Italy. Their strategic approach aims to provide long-term returns by creating and implementing a range of renewable energy assets attractive to investors.
Additionally, Westbridge is recognized among the few publicly listed pure-play Canadian solar development firms, facilitating early-stage investments in solar energy solutions. This allows the company to capitalize on the entire value chain as renewable energy adoption continues to rise.
For further insights into their initiatives, Westbridge encourages interested parties to learn more via their official website and social media platforms.
Frequently Asked Questions
What is the Sunnynook Project?
The Sunnynook Project is a solar power plant with a capacity of 332 MWp, successfully sold by Westbridge Renewable Energy to METLEN.
What does the sale mean for Westbridge?
This sale signifies Westbridge's successful advancement in renewable energy, marking two utility-scale projects monetized within a year.
What are the future plans for Westbridge?
Westbridge aims to continue developing additional solar projects and expanding its renewable energy portfolio.
How will the Sunnynook Project benefit the community?
Once operational, the Sunnynook Project is expected to generate clean energy to power over 50,000 homes.
Where can I find more information about Westbridge?
More information can be found on Westbridge's official website and their social media channels.
