Westbridge closes sale of 280-MW Alberta solar project to Metlen

Canadian solar developer Westbridge Renewable Energy Corp (CVE:WEB) on Tuesday said it has closed the sale of its 75% owned 280-MW AC/332-MW DC Sunnynook solar project in Alberta to a subsidiary of Greece’s Metlen Energy & Metals (ATH:MYTIL), formerly known as Mytilineos.

The deal is part of a wider agreement struck in 2023, whereby the Greek industrial group agreed to acquire a portfolio of five solar projects in Alberta with an expected combined capacity of 1,410 MW DC from Westbridge.

The transaction was completed via the sale of all the issued and outstanding shares of Sunnynook Solar Energy Inc after Westbridge satisfied the conditions for the sale, including regulatory approvals from the Alberta Utilities Commission (AUC) for the construction, operation, and interconnection of the project, and from the TSX Venture Exchange (TSXV). Westbridge received CAD 41.44 million (USD 29.9m/EUR 27.4m) at closing, or 92% of the price. Some 3% was paid at signing and the balance will be paid when the project reaches commercial operations.

Westbridge used part of the proceeds to repay its loan facilities secured by the project.

As part of the wider portfolio agreement, the sale of the 230-MW AC/278-MW DC Georgetown solar project was closed at the end of 2023. Westbridge is continuing to advance the three other Alberta projects, with closings expected as soon as the relevant conditions are met, including regulatory approvals from the AUC and TSXV.

"We are delighted to announce the closing of the Sunnynook Project. This marks another significant milestone for Westbridge; it is our second utility-scale project monetised in the last 12 months, and it is also our second project advanced to 'ready-to-build' in Alberta. We have strong momentum in the three further projects committed for sale to Metlen and recently received AUC approval for the 300-MW Dolcy Solar Project," said Westbridge chief executive Stefano Romanin.

(CAD 1 = USD 0.720/EUR 0.661)

Choose your newsletter by Renewables Now. Join for free!