Mytilineos Acquires 230-MW Solar Project in Alberta

• Westbridge has sold its 230-MW Georgetown solar project to Mytilineos SA, marking the Greek industrial group's entry into the Canadian renewables market. The CAD 47.6 million deal marks the start of an agreement for the sale and purchase of a 1,410-MWdc portfolio.

Westbridge has closed the sale of its 230-MW Georgetown solar project in Alberta, Canada to Greek industrial group Mytilineos SA. At closing, Westbridge received CAD 47.6 million (USD 35.6m/EUR 32.5m) and Mytilineos paid 3% upfront and 92% at closing. The remainder will be paid once the Georgetown project reaches commercial operation. Westbridge and Mytilineos have an agreement for the sale and purchase of a 1,410-MWdc portfolio with five solar projects in Alberta, of which Georgetown is the first to be closed. The remaining projects are expected to be closed in 2024 and 2025. This sale marks Mytilineos' entry into the Canadian renewables market.

What Was Mytilineos' Entry Into the Canadian Renewables Market?

• Mytilineos SA is a Greek industrial group that specializes in energy and infrastructure
• The entry into the Canadian renewables market is through the purchase of a 1,410-MWdc portfolio of five solar projects in Alberta
• The first project of the portfolio, the 230-MW Georgetown Solar Project, was closed at a cost of CAD 47.6 million
• At closing, Westbridge received 3% upfront and 92% at closing, with the remainder to be paid upon Georgetown reaching commercial operation
• The remaining projects are expected to be closed in 2024 and 2025.