CALGARY,
AB, Dec. 14, 2023 /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 Vulcan County, Alberta
solar power plant project with a capacity of up to 230MWac (278
MWdc) (the "Project"), to a subsidiary of
MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg:
MYTIL.GA, ADR: MYTHY US) ("MYTILINEOS")) 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 Georgetown Solar Inc.
("Georgetown").
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 the TSX Venture Exchange
("TSXV"). The Company received C$47,564,002 at closing of the Transaction.
MYTILINEOS paid 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, from the proceeds
of the Transaction, all amounts owing under its previously
announced loan facilities secured by the Project and the
shares of Georgetown, 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 each of its other subsidiaries: Red Willow Solar Inc.,
Eastervale Solar Inc., Dolcy Solar Inc., and Sunnynook Solar Energy
Inc. (each, an "SPV", together, the "SPVs"), which
are also subject to the previously announced share purchase
agreements with MYTILINEOS. The anticipated closing dates for each
of the SPVs are expected to take place in 2024 and 2025. The
sale of the shares of each SPV is not conditional on the sale of
the shares of any other SPVs. Accordingly, the closings are
expected to occur as and when the conditions to satisfy the
purchase and sale of the shares of each SPV are satisfied 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 Georgetown
Project. This marks a pivotal milestone in the progress of our
company as it is the company's first project being monetized,
realizing our strategic vision. It stands as a
testament not only to our team's dedication but to the solid
business model executed over the past few years.
A special acknowledgement to global leader MYTILINEOS, for
its invaluable support and welcome them to the Province of
Alberta. We are confident that
their expertise and commitment will propel the Project
forward."
Nikos Papapetrou, Executive
Director of MYTILINEOS' M Renewables, stated,
"We are thrilled to announce the successful closing of the
Georgetown Project, an important first step of entry into
Canada. Georgetown marks the closing of the first of
five Alberta projects
strategically poised for progression towards commercial energy
production. The closing of the Georgetown Project at the ready to
build stage launches our development plans seamlessly towards
construction."
"We extend our appreciation to Westbridge Renewable for their
collaboration and guidance during the transition, we are excited
about the forthcoming opportunities that lie ahead. We are honoured
to play a significant role in shaping the future of the renewable
energy landscape in Alberta, and
we look forward to advancing the other projects to
closing."
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 three key jurisdictions,
Canada, the U.S., and the UK.
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 permits
on time and within budget. As one of the very few listed pure-play
Canadian solar development companies, Westbridge provides its ESG minded 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 |
Twitter | LinkedIn
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, anticipated satisfaction of the conditions to close the
sale of shares of the SPVs (the "Transactions") and the
timing thereof, the qualification of the Project for clean energy
or investment tax credits on or before the sixth anniversary of
commercial operation, management's business strategy, 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 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 the
COVID-19 global pandemic, changes in laws, market risks, operating
history, competition, and the other risks identified under the
headings "Risk Factors" in the Company's interim management's
discussion and analysis dated August 31,
2023 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
