Westbridge to Exit Alberta Red Willow Solar-BESS

• Westbridge Renewable Energy inks a definitive deal to sell its 225MW Red Willow solar-plus-storage project in Alberta—unlocking up to CAD 26.725M proceeds as conditions and milestones are met.

Canada’s Westbridge Renewable Energy said it signed a definitive agreement to sell its Red Willow solar-plus-storage project in Alberta. The transaction would generate total proceeds expected to reach CAD 26.725 million (about USD 19.2 million or EUR 16.6 million), assuming all contractual conditions and development milestones are met.

The project, which totals 225 MW, combines solar generation with a battery energy storage system (BESS). Westbridge described the sale as a step to advance its portfolio and monetize the Alberta asset, while the final closing remains subject to the agreed requirements.

What sale terms and milestones apply to Westbridge’s 225MW Red Willow Alberta project?

• Total transaction proceeds: CAD 26.725 million, payable only if all contractual conditions and development milestones in the definitive agreement are satisfied.
  
• Expected closing timing: subject to completion of the agreement’s satisfaction requirements rather than occurring automatically on signing.
  
• Development/milestone gating: proceeds and/or final payment are tied to project advancement milestones (e.g., completion of the agreed development steps required for the asset being sold).
  
• Regulatory and permitting conditions: closing depends on meeting the permits/approvals obligations required for the Red Willow facility’s solar-plus-storage configuration.
  
• Grid/interconnection conditions: final closing is contingent on meeting interconnection-related requirements in the development plan.
  
• Contractual “conditions precedent”: the sale includes standard conditions that must be fulfilled before transfer (so the transaction does not complete until those conditions are met).
• Asset scope confirmation: the transaction is structured around the 225 MW solar-plus-storage project as defined in the sale agreement, with closing contingent on maintaining the project within the described parameters.
• Portfolio monetization structure: the sale is treated as monetization of the Alberta development position, with final execution deferred until the development milestones supporting bankability/ownership transfer are achieved.