Westbridge acquires majority stake in 236-MWp solar project in Alberta
- Canadian solar and also energy storage space designer Westbridge Energy Corporation (CVE: WEB) has purchased a 75% stake in the developer of a 236-MW DC solar project with a 100-MW battery component in Alberta, Canada.
The acquisition of Sunnynook Solar Energy Inc expands Westbridge's footprint in Alberta from 278 MW DC to 514 MW DC, the Canadian company stated on Wednesday. The managing passion was purchased from Altawest Development Corporation in an all-cash bargain, under which Westbridge will pay an initial quantity of CAD 300,000 (USD 234,500/ EUR 207,200), including cost repayment, plus an additional CAD 1.5 million over the approximate 24-month duration throughout which the system will become shovel-ready.
The project in Sunnynook hamlet has in place a long-lasting solar lease covering roughly 940 acres (380.4 ha) and is presently in Stage 1 of the Alberta Electric System Operator's (AESO's) interconnection procedure. Environmental studies are continuous, also.
"This acquisition validates Westbridge's position as one of the largest, fastest-growing solar PV programmers in Canada by MW, and additionally expands its renewable resource portfolio in terms of possession location as well as the allowing technologies utilized," claimed chief running officer Maggie McKenna.
With the brand-new property, Westbridge manages three utility-scale solar projects in Alberta as well as Texas with an incorporated capacity of 735 MW. Its acquisition complies with the purchase of a 221-MWp mid-stage development solar project in Texas from Aelius Solar Corp in October.
Westbridge noted it is currently working with 2 battery energy storage projects in Alberta amounting to 200 MW.