Canada's Westbridge Sells 225MW Solar Project

en.Wedoany.com Reported - On August 27, Westbridge Renewable Energy S.A. signed a definitive share purchase agreement to sell its Red Willow solar plus storage project in Alberta, Canada. The transaction was completed through the sale of all issued shares of Red Willow Solar Inc., a wholly-owned subsidiary of Westbridge.

Located in Stettler County No. 6 in central Alberta, the Red Willow project is an advanced-stage utility-scale solar plus storage project, comprising up to 225 MWac of solar generation and a proposed 100 MW battery energy storage system. The project has received approvals from the Alberta Utilities Commission for the power plant and battery energy storage system, as well as substation permits, and holds an interconnection queue position in the Alberta Electric System Operator process.

Subject to the satisfaction of all conditions in the agreement, Westbridge is entitled to receive up to CAD 26.725 million. A cash payment of CAD 10.5 million will be made at closing, along with the repayment or replacement of a CAD 4.725 million security deposit held by the Alberta Electric System Operator. A payment of CAD 4.5 million will be made upon the battery energy storage system reaching its commercial operation date. Additional payments of CAD 25,000 per MWdc will be made when the solar photovoltaic system reaches its commercial operation date, currently estimated at approximately CAD 7 million.

The transaction is subject to customary closing conditions, including regulatory approvals and other precedents. The transaction is conducted at arm's length, with no finder's fees payable. The buyer has not been disclosed.