Westbridge has sold its 75 percent-owned Special Area 2 Alberta solar project, with a capacity of up to 332 MW, to METLEN Energy & Metals. This transaction involved the sale of shares in Sunnynook Solar Energy, Westbridge’s subsidiary managing the project.
Westbridge received CAD 41.4 million upon closing. METLEN had earlier paid 3 percent of the purchase price at the agreement signing, with 92 percent paid at closing. The remainder will be paid once the project becomes operational.
Westbridge repaid CAD 18.4 million in loans from the transaction proceeds, discharging security on the Sunnynook project.
Westbridge retains three other wholly-owned solar projects in Alberta, also planned for sale to METLEN. Each project sale is independent and subject to Alberta Utilities Commission (AUC) and TSX Venture Exchange approvals.
Westbridge CEO Stefano Romanin noted this sale marks Westbridge’s second utility-scale project monetized in a year. He emphasized momentum with upcoming projects, including recent approval for a 300 MW solar project in Alberta.
Luis Laguna, METLEN’s Regional Managing Director for North America, highlighted this acquisition as key to METLEN’s North American renewable energy growth.