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Westbridge Renewable Announces Definitive Agreements with MYTILINEOS for 1.4 GW Solar PV Portfolio

The transaction is to be made through a share purchase by Metka of all of the issued and outstanding shares of the following subsidiaries of Westbridge.

June 03, 2023. By EI News Network

Westbridge Renewable Energy Corporation (Westbridge Renewable) announces that it has entered into definitive agreements in connection with the purchase by Metka-EGN Ltd. (Metka) (a subsidiary of MYTILINEOS Energy & Metals) of a portfolio of 5 solar projects located in Alberta, Canada from Westbridge, with a projected aggregate capacity of 1.4 GW upon commercial operation.

The transaction is to be made through a share purchase by Metka of all of the issued and outstanding shares of the following subsidiaries of Westbridge: Georgetown Solar Inc. (Georgetown), Sunnynook Solar Energy Inc. (Sunnynook), Dolcy Solar Inc. (Dolcy), Eastervale Solar Inc. (Eastervale), and Red Willow Solar Inc. (Red Willow), (collectively known as the SPVs).

Westbridge will hold ownership of the SPVs and progressively lead the development of the Projects till the end, which is subject to certain conditions, including regulatory approvals.

Georgetown : Solar power plant with a capacity of up to 230MWac (278MWdc), situated in Vulcan County, Alberta;

Sunnynook : Solar power plant with a capacity of up to 280 MWac (332 MWdc), situated in Special Area No. 2, Alberta;

Dolcy : Solar power plant with a capacity of up to 200 MWac (246 MWdc), situated in the municipal district of Wainwright, Alberta;

Eastervale : Solar power plant with a capacity of up to 300 MWac (274 MWdc), situated in the municipal district of Provost, Alberta

Red Willow : Solar power plant with a capacity of up to 225 MWac (280 MWdc), situated in Stettler County No. 6, Alberta.

The two most advanced Projects, Georgetown and Sunnynook around 510 MW are anticipated to obtain ready to build status by the end of this year, whereas the rest of the three Projects around 800 MW are in advanced development status with ready to build anticipated by mid- 2024.

All of the Projects have applied for and/or been allowed for the installation and use of a battery and energy storage system ("BESS"), with a total anticipated combined storage capacity of 1,200 MWh for the total portfolio.

Stefano Romanin, CEO and Director of Westbridge Renewable explained, "We are thrilled to announce the definitive sale agreements for our Alberta portfolio, which not only proves our business model, but solidifies the value of our entire platform. I would like to thank our team for their hard work and dedication, resulting in our status as one of the largest solar PV developers in Canada within two years of our RTO, and attracting a multinational investor like MYTILINEOS to acquire, construct, and operate the projects. To the team at MYTILINEOS, we are grateful and confident in your trust."

MYTILINEOS Energy & Metals was incorporated in Greece in 1990.

Westbridge has a portfolio of projects in three of the locations Canada, the U.S., and the UK. The firm deals in long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities.

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