CALGARY, AB, Feb. 5, 2025 /PRNewswire/ - 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.
Westbridge Renewable Energy Corporation logo (CNW Group/Westbridge Renewable Energy Corp.)
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, 2023and 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.
LodgepoleEnergy 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.
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.
