Westbridge Renewable Energy Corporation has announced significant corporate updates and achievements.
Corporate Milestones
Westbridge sold its Georgetown project in late 2023, securing over $40 million in non-dilutive funding. This strategic move has strengthened the company’s financial position, enabling expansion of its global project pipeline and facilitating a return of capital to shareholders.
The company has been recognized in the TSX Venture 50 ranking for the second consecutive year, achieving the #1 position in the Clean Tech & Life Sciences sector for 2023. Additionally, Westbridge has been included in the 2024 OTCQX Best 50, a ranking of top-performing companies traded on the OTCQX Best Market.
The company has experienced substantial growth, with its solar portfolio expanding six-fold by MW since the reverse takeover (RTO) in Q2 2021.
Portfolio Update
Canada:
Sunnynook (270 MWac / 332 MWdc), Special Area No. 2, Alberta: Obtained Power Plant and BESS Approval and Substation Permit and License from the Alberta Utilities Commission (AUC). Currently permitting the transmission line for grid connection.
Dolcy (300 MWac / 375 MWdc), Wainwright, Alberta: Applied for Power Plant and BESS Approval and Substation Permit and License with the AUC.
Eastervale (300 MWac / 345 MWdc), Provost, Alberta: Applied for Power Plant and BESS Approval and Substation Permit and License with the AUC.
Red Willow (225 MWac / 290 MWdc), Stettler County No. 6, Alberta: Applying for Power Plant and BESS Approval and Substation Permit and License with the AUC.
The sale of the projects, including the closed Georgetown Project, to Metka-EGN (a subsidiary of Metlen Energy & Metals), is progressing. Sunnynook is expected to close in Q4 2024, with the remaining projects anticipated to close in 2025.
Westbridge has secured land rights and completed feasibility assessments for additional Solar PV and BESS projects in Alberta, aiming for shovel-ready status in 2026 and 2027. The origination team is also evaluating new projects in Alberta and Ontario to enhance the Company’s renewable portfolio.
USA:
Accalia Point (190 MWac / 221 MWdc), Cameron County, Texas: Field studies completed, approaching shovel-ready status. The company has secured land rights and completed feasibility assessments for additional Solar PV and BESS projects across SPP, WECC, MISO, and Southeast U.S. markets.
UK:
Fiskerton (53 MWac / 106 MWh), Lincoln: Secured grid connection and site control, planning application submitted.
Italy:
Gierre Solare (32 MW), Lazio: Secured land and grid access, feasibility studies completed, planning application submitted.
NM Solare (30 MW), Lazio and Umbria: Secured land and grid access, feasibility studies completed, planning application submitted.