Mytilineos gets 1.4-GW solar portfolio in western Canada

• Greek industrial group Mytilineos SA (FRA: MYH) has actually consented to obtain a portfolio of 5 solar projects in Alberta, Canada with an anticipated consolidated capacity of 1,410 MWdc from local solar as well as energy storage space designer Westbridge Energy Corporation (CVE: WEB).

The bargain is accomplished with Mytilineos's renewables arm and also will certainly mark the Greek business's access into the North American market, a statement claimed on Thursday.

The sites, which are arranged to be finished in 2026-2027, are expected to create 2.1 TWh of renewable energy annually, enough to power 200,000 Canadian homes each year. All of them are planned to have a battery and also energy storage system (BESS) with a complete anticipated mixed storage space capacity of 1,200 MWh.

The projects have a complete estimated capex investment of CAD 1.7 billion (USD 1.24 bn/EUR 1.16 bn), excluding BESS equipment, which is expected to be equally distributed over a period of 4 years.

The purchase concerns the procurement of Westbridge's subsidiaries behind the projects, which are as complies with:

Both most advanced projects-- Georgetown as well as Sunnynook, are readied to be shovel-ready by the end of this year, while the various other 3 are in sophisticated growth condition as well as should prepare to develop by mid-2024.

The transaction depends upon a positive ballot from Westbridge investors and governing clearances.

Mytilineos set foot in the renewables market greater than eight years back and currently operates a portfolio of 10.5 GW of projects in various phases of development throughout the globe.

The Greek company previously this year agreed to acquire 3 solar projects in Italy with an incorporated capacity of approximately 45 MWp. It additionally obtained a 15% risk in an Australian project that aims to produce environment-friendly hydrogen with solar energy.