Westbridge Inks Pact With MYTILINEOS to Monetize 1.4 GW Solar Portfolio

Westbridge Inks Pact With MYTILINEOS to Monetize 1.4 GW Solar Portfolio

Vancouver-headquartered Westbridge Renewable Energy Corporation has signed a definitive agreement in connection with the purchase by Metka-EGN, which is a subsidiary of MYTILINEOS Energy & Metals, of a portfolio of five solar projects located in Alberta, Canada from Westbridge.

The solar power projects have anticipated aggregate capacity of 1,410 MWdc (1.4 GW) upon commercial operation.

Westbridge said that the transaction is to be completed by way of a share purchase by Metka. Westbridge will retain ownership of the SPVs and continue to lead the development of the solar projects until closing.

The solar power projects comprise Georgetown solar power plant (230 MW), Sunnynook plant (280 MW), Dolcy plant (200 MW), Eastervale plant (300 MW) and Red Willow plant (225 MW).

Westbridge said that it is anticipated that upon entering into operation, the solar projects will generate 2.1 TWh per year of renewable energy, equivalent to the electricity necessary to provide power to 200,000 Canadian homes for one year and avoiding the annual emission of 1,500,000 tons of carbon pollution to the atmosphere.

These will have a total estimated capex investment of CAD$1.7 billion with expected completion in 2026-2027. The capex investment is expected to be equally distributed over a period of 4 years.

The two most advanced Projects, Georgetown and Sunnynook (approximately 510 MW) are expected to reach ‘ready-to-build’ status by the end of this year. The remaining three Projects (800 MW) are in advanced development status with RTB expected by mid- 2024.

Stefano Romanin, CEO and Director of Westbridge Renewable commented, “Today’s announcement indicates a high level of confidence in the quality and consistency of our work, and we look forward to driving value for our shareholders as we continue to execute our business model and strategy.”

CEO of MYTILINEOS, Evangelos Mytilineos, said, “True to its policy of expanding its Renewables business internationally, MYTILINEOS has taken early advantage of the motives that the Canadian government is granting to new renewable developments and decided to proceed with the investment, the biggest so far in the history of MYTILINEOS.”

Telecommunications firm Vodafone and Centrica, international energy services and solutions company, entered into a second corporate Power Purchase Agreement (PPA) with MYTILINEOS S.A, to facilitate the output from five solar farms that are in the works in England. These will cumulatively generate 216 gigawatt hours of green power.