Westbridge Sells 280-MW Solar Project to Metlen

• Westbridge Renewable Energy Corp boosts its portfolio, selling the 280-MW Sunnynook project to Metlen Energy & Metals, paving the way for a greener future in Alberta!

Westbridge Renewable Energy Corp has successfully completed the sale of its 280-MW solar project, Sunnynook, in Alberta to Greek company Metlen Energy & Metals. This sale is part of a larger 2023 agreement wherein Metlen is set to acquire five solar projects in Alberta totaling 1,410 MW DC. Upon closing, Westbridge received CAD 41.44 million, with a portion directed to repay loans secured by the project.

The completion of the Sunnynook sale reflects Westbridge's ongoing progress in advancing its renewable energy portfolio. The company has already closed the sale of the 230-MW Georgetown solar project, with three additional Alberta projects in the pipeline awaiting necessary regulatory approvals. CEO Stefano Romanin emphasized the company's momentum, highlighting recent approvals for other projects, including the 300-MW Dolcy Solar Project.

What does the Sunnynook sale mean for Westbridge's renewable energy strategy?

• Strategic Financial Maneuvering: The sale of Sunnynook for CAD 41.44 million allows Westbridge to bolster its financial position, providing capital that can be reinvested in new renewable projects or used to improve liquidity. This could enable the company to explore additional acquisitions or expedite the development of its existing projects.
• Acceleration of Project Pipeline: With the funds from the sale, Westbridge may be better positioned to expedite its pipeline of projects awaiting regulatory approvals. This could include the three additional Alberta projects currently in development, enhancing the company’s overall capacity and output in the province.
• Strengthening Partnerships: Selling Sunnynook to Metlen Energy & Metals demonstrates Westbridge's ability to attract international investment in its projects. This partnership may lead to future collaborative opportunities and shared resources, enhancing Westbridge's reputation in the global renewable energy market.
• Focus on Large-Scale Projects: The sale is part of a broader trend where Westbridge is concentrating on larger scale solar projects, as illustrated by the agreement that includes a total of 1,410 MW DC across five projects. This shift may attract larger investors and help the company capture a larger market share in Alberta’s renewable energy sector.
• Impact on Loan Management: A portion of the sale proceeds was allocated to repaying loans secured by the project. This move could improve Westbridge's financial health by reducing its debt burden, allowing for a more flexible investment strategy moving forward without the encumbrance of project-specific debt.
• Increased Market Confidence: Successfully executing the sale may enhance investor confidence in Westbridge's management and strategic direction. Positive market sentiment can lead to increased stock performance and potentially larger investments into the company’s future ventures.
• Long-Term Vision for Sustainability: The transaction aligns with Westbridge's long-term vision of establishing a robust portfolio of renewable energy solutions. By systematically offloading completed projects at strong values, the company is positioning itself to expand and refine its energy mix, contributing to a more sustainable future.
• Regulatory Landscape Navigation: The completion of the Sunnynook sale amidst regulatory scrutiny highlights Westbridge’s ability to navigate the complexities of the Canadian energy landscape successfully. This experience may prove invaluable as the company continues to pursue new projects and secure essential approvals.
• Response to Energy Demand: The sale reflects a strategic response to the increasing demand for renewable energy in North America, particularly in Alberta. By actively engaging in project sales and expansions, Westbridge is positioning itself to meet and capitalize on the growing energy needs of both consumers and businesses seeking sustainable power sources.