CALGARY,
AB, Sept. 30, 2024 /CNW/ - Westbridge
Renewable Energy Corporation (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 announced definitive agreements to sell 5 Alberta,
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 bringing
in more than $40M in non-dilutive
cash into the Company. See press release dated December 14, 2023.
The Company is pleased to provide an update on the progress on
the remaining 4 Alberta projects and our international development
portfolio
Canada
- Sunnynook Solar (270 MWac / 332 MWdc), located in
Special Area No. 2, Alberta; the
project has a Power Plant and BESS Approval and a Substation Permit
and License from the Alberta Utilities Commission ("AUC"), and
recently received Permit and License for interconnection to the
Alberta grid in August 2024. The previously announced definitive
agreement for Metlen Energy & Metals to purchase all of the
issued and outstanding shares of Sunnynook Solar Inc. has been
amended to extend the outside date of the agreement to October 31, 2024.
- Dolcy Solar ('Dolcy')
project received AUC approval announced Sept 17, 2024. Dolcy is a multi-system
solution combining a solar power plant with an approved capacity up
to 300 MWac, alongside battery storage (BESS) with capacity up to
200 MWh and a related substation. The transmission line to connect
the facility to the grid is now in permitting.
- Eastervale Solar (300 MWac / 345 MWdc), located in
Alberta; the project has an
application for Power Plant and BESS Approval and Substation Permit
and License pending with the Alberta Utilities Commission ("AUC"),
and in stage 3 of the AESO interconnection process which includes
permitting the transmission line to connect the facility to the
electric system.
- Red Willow Solar
(225 MWac / 290 MWdc), located in Alberta; the project submitted its application
for Power Plant and BESS Approval and a Substation Permit and
License with the AUC in August 2024,
and the project will be entering stage 3 of the AESO
interconnection project in Q4.
- Early-stage pipeline: Westbridge currently has more than 1GW of
early-stage solar + storage and stand-alone BESS projects in
Alberta and Ontario under evaluation and continues to
assess additional opportunities in those provinces as well as in
British Columbia.
USA
- Accalia Point (190 MWac /
221 MWdc), located in Cameron County,
Texas; the project has completed all development work and is
approaching shovel-ready stage.
UK
- Fiskerton (53 MWac / 106 MWh), located in Lincoln; the project has secured a grid
connection and site control, and has submitted the planning
application.
ITALY
- Gierre Solare (32 MW), located in Lazio, the project has secured land and grid
access, completed feasibility studies, and submitted the planning
application.
- NM Solare (30MW), located in Lazio and Umbria, the project has secured land and grid
access, completed feasibility studies, and submitted the planning
application.
Market Update
We remain positive about the pivoting macro environment and
resurging activity levels within the clean energy sector.
Macro headwinds are beginning to ease, with interest rates and
financing costs declining (BOC has cut 75bp, ECB has cut 25bp,
BOE has cut 50bp, and US Fed has cut 50 bp)[1], supply
chains normalizing[2], and regulatory uncertainty
improving[3].
Demand for clean power continues to accelerate, driven by AI/
green data centers[4] and rapidly rising corporate
demand as shareholders and increased transparency, drives
accountability for clean energy commitments.
Thank you to our many loyal shareholders for all your
support.
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[1] https://rsmus.com/insights/economics/assessing-central-bank-policy-in-the-post-pandemic-economy.html?cmpid=soc:twcpr:june-2024-tre:bb01
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[2] https://www.wsj.com/articles/supply-chains-have-changed-forever-819d9afd
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[3] https://renewablesassociation.ca/canrea-welcomes-end-of-alberta-moratorium/
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[4] https://www.goldmansachs.com/intelligence/pages/AI-poised-to-drive-160-increase-in-power-demand.html
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About Westbridge Renewable Energy
Westbridge Renewable Energy Corp. originates, develops, and
monetizes best-in-class, utility-scale solar PV projects. The
Company has a portfolio of projects in four key jurisdictions,
Canada, the U.S., the U.K., and
Italy. 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 projects. As one of
the very few listed pure-play Canadian solar development companies,
Westbridge provides its 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.
For more information, please visit: www.westbridge.energy |
Twitter | LinkedIn
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 Energy Corporation