Total Company Portfolio 1,674 MWp Solar PV
plus 1,306 MWh BESS
TORONTO, Feb. 1, 2023
/CNW/ - Westbridge Renewable Energy Corporation (TSXV: WEB)
(OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable"
or the "Company") is pleased to announce the addition
of the Red Willow Project ("Red Willow"), located in Stettler
County No. 6, in central Alberta,
Canada, to the Company's continuously growing portfolio. The
Red Willow Project target capacity is 295 MWp solar photovoltaic
and 100MW/200MWh of Battery Energy Storage System ("BESS") with a
two-hour battery duration.
The Red Willow Project is in Stage 2 of the Alberta Electric
System Operator ("AESO") interconnection process. Westbridge recently submitted environmental
and wildlife field studies to Alberta Environment and Parks
("AEP"), in a request for a Referral Letter, which will be then
submitted to the Alberta Utility Commission ("AUC") as part of
Red Willow's application for power
plant approval.
Maggie McKenna, Director and
Chief Operating Officer, commented, "The Red Willow Project has
secured site control in the form of a long-term solar lease with
private landowners. We look forward to kicking off engagement with
stakeholders and the local community. Red
Willow complements our robust portfolio in Alberta, where we continue to see significant
opportunities for origination and acquisitions."
The Company's origination team continues to evaluate multiple
new solar and battery storage development projects in Alberta, the US and the UK to further scale
and strengthen the current portfolio. Westbridge is focused on maximizing the return
on its renewable energy assets through accretive project
monetization and retention of royalties, where applicable. This
approach is expected to enhance long-term cashflow and build
long-term shareholder value. The current portfolio of projects is
listed below:
Westbridge Renewable Energy Current Project Portfolio
Project
|
Solar
PV Capacity
MWp1
|
BESS
Capacity
|
Location
|
Status
|
Georgetown
|
278 MWp
|
100 MW / 200
MWh
|
Alberta
|
Stage 3
AESO
AUC
Approval
|
Sunnynook
|
330 MWp
|
100 MW / 200
MWh
|
Alberta
|
Stage 3
AESO
|
Dolcy
|
250
MWp
|
100 MW / 200
MWh
|
Alberta
|
Stage 2
AESO
|
Eastervale
|
300 MWp
|
200 MW / 400
MWh
|
Alberta
|
Stage 2
AESO
|
Red
Willow
|
295 MWp
|
100 MW / 200
MWh
|
Alberta
|
Stage 2
AESO
|
Accalia
Point
|
221 MWp
|
-
|
Texas
|
Development
|
Fiskerton
|
-
|
53 MW / 106
MWh
|
UK
|
Development
|
Total
Portfolio
|
1,674
MWp
|
653 MW / 1,306
MWh
|
|
|
Notes:
|
1. The capacity
of the projects may change during the development (increasing or
decreasing) due to grid connection and environmental
constraints.
|
|
About Westbridge Renewable
Energy
Westbridge Renewable Energy Corp. develops best-in-class,
utility-scale solar PV projects. The Company has a portfolio of
projects in three key jurisdictions, Canada, the U.S., and the UK. Westbridge plans to deliver attractive,
long-term returns by originating, executing, and developing an
international portfolio of renewable assets for investors and
utilities. Management has a strong track-record with 40+ projects
developed worldwide, obtaining, and executing permits on time and
within budget. As one of the very few listed pure-play Canadian
solar development companies, Westbridge provides its ESG minded investors
with valuable access to greenfield solar projects. This means the
Company can invest at the earliest stage of solar energy
development benefiting from the full value chain as well as the
expected wider adoption of renewable energy going forward.
Westbridge brings together
regulators, corporate buyers, and landowners with the goal of
delivering clean, sustainable electricity to end users.
On behalf of the Board of Directors,
Scott M.
Kelly
|
|
Nisha Hasan
|
Executive Chair &
Director
|
|
Momentum IR
Corp.
|
Skelly@westbridge.energy
|
|
Nhasan@westbridge.energy
|
+1 416
998-4714
|
|
+1 416
888-4219
|
|
|
|
www.westbridge.energy
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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, 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. 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.
This news release contains forward-looking statements about the
Company's Red Willow Project, the request for a Referral Letter,
and application to the AUC for approval of the Red Willow Project,
if at all, and the ability of the Company to achieve the
aforementioned, the anticipated installed capacity and total
capacity of the Company's projects, each of which are
forward-looking in nature and, as a result, are subject to certain
risks and uncertainties. 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 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
the COVID-19 global pandemic, changes in laws, market risks,
operating history, competition, and the other risks identified
under the headings "Risk Factors" in the Company's management's
discussion and analysis dated March 29,
2022 and other disclosure documents available on the
Company's profile on SEDAR at www.sedar.com. 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.