CALGARY,
AB, Feb. 5, 2025 /CNW/ - Westbridge
Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF) (FRA:
PUQ) ("Westbridge", "Westbridge Renewable" or the
"Company") is pleased to provide its shareholders with an
update of its development portfolio.
The Company is delighted to provide Investors a comprehensive
update on its international portfolio of utility scale
projects.
Fiscal year 2024 was our first year realizing gains from our
large maturing portfolio with the sale of the Alberta Georgetown
and Sunnynook projects as previously announced
on November 5,
2024 and December 14,
2023. These two projects added more than
$62 million of non-dilutive cash to
our balance sheet.
In the three years since the RTO, we have surpassed many of our
strategic milestones and remain fully committed to our mission
of delivering utility scale solar and battery storage
projects, with exceptional returns on capital invested.
Highlights:
- 30x portfolio growth to >9GW under development
- Sold 2 projects totalling more than 600 MW of solar and 400 MWh
of potential BESS
- $62 million of non-dilutive cash
added to our balance sheet
- Project Dolcy received AUC approval, continuing our impressive
approval track record
- Repaid over $35m of debt,
positioning our balance sheet for future growth
- $10m of capital returned to
shareholders, equivalent to 12% yield
Westbridge continues to
represent a unique value proposition as a listed renewables
developer and capital allocator operating within the utility scale
renewable energy space.
Portfolio Update
The Company announced definitive agreements to sell five
Alberta based, utility-scale Solar
PV and BESS projects totalling more than 1.4 GW to our strategic
partner Metlen Energy & Metals, (RIC: MYTr.AT, Bloomberg:
MYTIL.GA, ADR: MYTHY US) ("Metlen Energy & Metals")
previously announced on June 1,
2023 and June 5,
2023.
- The Georgetown Project was sold to Metlen Energy & Metals
and closed in December 2023
generating non-dilutive cash of $39m
for the Company. See press release dated December 14, 2023.
- The Sunnynook Project was sold to Metlen Energy & Metals
and closed in November 2024
generating non-dilutive cash of $23m
for the Company. See press release dated November 05, 2024.
The Company is pleased to provide an update on the progress on
the remaining four Alberta solar
projects and on our growing our international development
portfolio:
Canada
- Dolcy Solar (375 MWdc
solar, 200 MWh BESS (Battery Energy Storage System)), located in
Alberta; the project received
Alberta Utilities Commission ("AUC") approval alongside a related
substation and BESS, announced Sept 17,
2024. The transmission line to connect the
facility to the grid is now in permitting. The previously announced
definitive agreement for Metlen Energy & Metals to purchase all
of the issued and outstanding shares of Dolcy Solar Inc. has been
amended to extend the outside date of the agreement to April 30, 2025.
- Eastervale Solar (345 MWdc solar, 400 MWh BESS), located
in Alberta; the project has an
application for Power Plant and BESS Approval and Substation Permit
and License pending before the AUC, and in stage 3 of the AESO
interconnection process which includes permitting the transmission
line to connect the facility to the grid. The previously announced
definitive agreement for Metlen Energy & Metals to purchase all
of the issued and outstanding shares of Eastervale Solar Inc. has
been amended to extend the outside date of the agreement to
April 30, 2025.
- Red Willow Solar (290
MWdc solar, 200 MWh BESS), located in Alberta; the project submitted an application
for Power Plant and BESS Approval and a Substation Permit and
License to the AUC in August 2024,
and the project entered stage 3 of the AESO interconnection process
in Q4 2024. The previously announced definitive agreement for
Metlen Energy & Metals to purchase all of the issued and
outstanding shares of Red Willow Solar Inc. has been amended to
extend the outside date of the agreement to April 30, 2025.
- Normandeau Solar, (325
MWdc solar, 200 MWh BESS), located in Lac Le Biche County,
Alberta, Canada. The project has
secured site control and field work is due to start in Q2 2025. The
project is in the AESO's Cluster 2 interconnection process.
New BESS Projects
The Company added 5 stand-alone BESS projects located in
Alberta, Canada adding a total 536
MWh of energy storage capacity, as announced January 15, 2025. The target
'ready-to-build' dates for these projects are approximately Q2/Q3
2026 at present.
- Horizon Line Energy Storage, is a 33.6 MWh BESS project
utilizing a 2 hour battery system located in Alberta, Canada. The project has secured
control of the 8.8 acre site. The project has completed feasibility
studies and is currently in the AESO's Cluster 2 interconnection
process.
- Lodgepole Energy Storage, is a 200 MWh BESS
project utilizing a 2 hour battery system located in Alberta, Canada. The project has secured
control of the 3.6 acre site. The project has completed feasibility
studies and is currently in the AESO's Cluster 2 interconnection
process.
- Heritage Trail Energy Storage, is a 90 MWh BESS project
utilizing a 2 hour battery system located in Alberta, Canada. The project has secured
control of the 9 acre site. The project has completed feasibility
studies and is currently in the AESO's Cluster 2 interconnection
process.
- Silverbury Energy Storage, is a 200 MWh BESS project
utilizing a 2 hour battery system located in Alberta, Canada. The project has secured
control of the 4 acre site. The project has completed feasibility
studies and is currently in the AESO's Cluster 2 interconnection
process.
- Swift Fox Energy Storage, is a 15.2 MWh BESS project
utilizing a 2 hour battery system located in Alberta, Canada. The project has secured
control of the 7.3 acre site. The project has completed feasibility
studies and is currently in the AESO's Cluster 2 interconnection
process.
The Company continues to evaluate further opportunities for
investment into Ontario and
British Columbia to grow its
market position in Canada.
USA
- Accalia Point (221 MWdc
solar), located in Cameron County,
Texas; the project has completed all development work and is
approaching shovel-ready stage.
- The Company has secured land rights and completed feasibility
assessments for 9 additional mid and early-stagesolar PV and BESS
projects. These projects total 5.2 GW in aggregate and are located
in the markets of SPP, WECC, MISO and SERC.
UK
- Fiskerton (106 MWh BESS), located in Lincoln; the project has secured a grid
connection and site control, and has submitted a planning
application.
ITALY
- Gierre Solare (32 MW solar), located in Lazio; the project has secured land and grid
access, completed feasibility studies, and submitted a planning
application.
- NM Solare (30 MW solar), located in Lazio and Umbria; the project has secured land and grid
access, completed feasibility studies, and submitted a planning
application.
Westbridge thanks you for your
continued interest and support.
About Westbridge Renewable Energy
Westbridge originates,
develops, operates and monetizes best-in-class, utility-scale solar
PV projects, stand-alone battery energy storage projects and other
clean energy-focused development. The Company has a portfolio of
projects in four key jurisdictions: Canada, the U.S., the U.K. and Italy. Westbridge delivers attractive, long-term
returns by originating and developing an international portfolio of
renewable energy assets to support increasing demand for energy and
grid reliability. Management brings a strong track-record with a
cumulative 40+ development projects worldwide. As one of very few
listed, pure-play international solar and BESS development
companies, Westbridge provides
investors with access to greenfield solar and energy storage
projects at the earliest stage of development, allowing then to
benefit from the full development value chain. Westbridge aims to deliver clean, sustainable
electricity and energy storage solutions to support increasing
electricity demand and grid reliability in the jurisdictions in
which it operates.
For more information, please visit: www.westbridge.energy |
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
Certain information set forth in this document contains
forward-looking information and statements including, without
limitation, expected permitting, approvals, anticipated
satisfaction of the conditions to close the sale of shares of the
Alberta projects (the
"Transactions") and the timing thereof, management's
business strategy, management's assessment of future plans and
operations. Such forward-looking statements or information are
provided for the purpose of providing information about
management's current expectations and plans relating to the future,
including completion of the Transactions as proposed or obtaining
requisite approvals for the Transactions, as there is no assurance
the Transactions will be completed as planned or at all and the
development of its project development pipeline. Forward-looking
statements or information typically contain statements with words
such as "anticipate", "believe", "expect", "plan", "intend",
"estimate", "propose", "project", "potential" or similar words
suggesting future outcomes or statements regarding future
performance and outlook. Readers are cautioned that assumptions
used in the preparation of such information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted as a result of numerous
known and unknown risks, uncertainties and other factors, many of
which are beyond the control of the Company. Although the Company
believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on
them as actual results may differ materially from the
forward-looking statements. Factors that could cause the actual
results to differ materially from those in forward-looking
statements include risks and uncertainties relating to Company's
ability to complete licensing requirements, general business,
economic, competitive, regulatory, policy and social uncertainties,
and availability of permits and financing upon terms acceptable to
the Company or at all. Applicable risks and uncertainties include,
but are not limited to regulatory risks, risks related to general
business, economic, political and social uncertainties, changes in
laws, market risks, operating history, competition, and the other
risks identified under the headings "Risk Factors" in the Company's
annual information form dated August 14,
2024 and other disclosure documents available on the
Company's profile on SEDAR+ at www.sedarplus.ca. The
forward-looking statements contained in this press release are made
as of the date hereof, and the Company undertakes no obligation to
update publicly or revise any forward-looking statements or
information, except as required by law.
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SOURCE Westbridge Renewable Energy Corp.
