Stefano Romanin
Westbridge Renewable Energy Corp., a developer of utility-scale solar PV tasks, has entered into definitive agreements relating to the acquisition by Metka-EGN Ltd. (a subsidiary of MYTILINEOS Energy & Metals) of a portfolio of 5 solar tasks positioned in Alberta, Canada, from Westbridge, with anticipated combination capability of 1.4 GW DC upon business operation.
The transaction is to be accomplished by the use of a share buy by Metka of all of the issued and excellent shares of the next Westbridge subsidiaries: Georgetown Solar Inc., Sunnynook Solar Energy Inc., Dolcy Solar Inc., Eastervale Solar Inc. and Red Willow Solar Inc.
The tasks below growth embrace:
- Georgetown – Solar power plant with a capability of as much as 230 MW AC (278 MW DC), positioned in Vulcan County, Alberta;
- Sunnynook – Solar power plant with a capability of as much as 280 MW AC (332 MW DC), positioned in Special Area No. 2, Alberta;
- Dolcy – Solar power plant with a capability of as much as 200 MW AC (246 MW DC), positioned within the municipal district of Wainwright, Alberta;
- Eastervale – Solar power plant with a capability of as much as 300 MW AC (274 MW DC), positioned within the municipal district of Provost, Alberta; and
- Red Willow – Solar power plant with a capability of as much as 225 MW AC (280 MW DC), positioned in Stettler County No. 6, Alberta.
It is anticipated that upon getting into into operation, the tasks will:
- Generate 2.1 TWh per yr of renewable energy, equal to the electrical energy obligatory to supply power to 200,000 Canadian properties for one yr;
- Have a complete estimated capital expense funding of 1.7 billion Canadian {dollars} – excluding battery and energy storage system tools (BESS) – which shall be disbursed (apart from the advance fee) within the varied phases of challenge growth and development, with anticipated completion in 2026-2027. The capital expense funding is anticipated to be equally distributed over a interval of 4 years.
The two most superior tasks, Georgetown and Sunnynook (roughly 510 MW) are anticipated to achieve ready-to-build (RTB) standing by the tip of this yr, whereas the remaining three tasks (roughly 800 MW) are in superior growth standing with RTB anticipated by mid-2024.
All of the tasks have utilized for and/or been permitted for the set up and use of a BESS, with a complete anticipated mixed storage capability of 1,200 MWh for the overall portfolio.
“The definitive sale agreements for our Alberta portfolio, not only proves our business model, but solidifies the value of our entire platform,” says Stefano Romanin, CEO and director of Westbridge Renewable.
According to MYTILINEOS chairman and CEO, Evangelos Mytilineos, the funding is the most important to this point within the historical past of the corporate.
