Westbridge bags debt for 230-MW solar-plus-storage project in Alberta
- Canadian solar designer Westbridge Renewable Energy Corp (CVE: WEB) has secured debt to back a grid-connection funding requirement for its flagship 230-MW solar-plus-storage center in Alberta.
Westbridge bags debt for 230-MW solar-plus-storage project in Alberta
Canadian solar designer Westbridge Renewable Energy Corp (CVE: WEB) has secured debt to back a grid-connection funding requirement for its flagship 230-MW solar-plus-storage center in Alberta.
The finance of up to CAD 4.8 million (USD 3.5 m/EUR 3.3 m) was extended by Leyline Renewable Capital to the developer's subsidiary Georgetown Solar Inc, the parent firm stated on Wednesday. The fresh funds will certainly be assigned to cover the Alberta Electric System Operator (AESO) contribution requirement for the project's connection to the grid.
The debt facility is secured by an initial top priority security passion against the assets of Georgetown and matures in year. The annual interest is evaluated 12%.
The Georgetown project asks for the building and construction of a solar park with a straight current (DC) capacity of up to 278 MWp and a battery energy storage system (BESS) of approximately 100 MW/200 MWh. The capacity is intended to be installed near Mossleigh in Vulcan County.
The plan was given the thumbs up by the Alberta Utilities Commission (AUC) in November.