Westbridge Renewable Energy Corporation has successfully concluded the sale of its 230MWac Vulcan County solar power plant in Alberta to a subsidiary of Mytilneos Energy & Metals. The transaction involved the sale of all issued and outstanding shares of Georgetown Solar, with the finalization following Westbridge's fulfillment of necessary conditions, including regulatory approvals from the Alberta Utilities Commission and the TSX Venture Exchange.
The C$47.6 million (€32.5 million) transaction, completed through the sale of Georgetown Solar's shares, involved Mytilneos paying 3% of the estimated base purchase price at signing. Subsequently, 92% of the estimated purchase price was paid at the closing, with the remaining balance anticipated upon the project's achievement of commercial operations.
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In conjunction with the transaction's closure, Westbridge utilized its proceeds to fully repay all amounts owed under previously announced loan facilities secured by the project. The loans were provided by lending entities established by Leyline Renewable Capital, LLC. The security registered in relation to these loans has now been discharged.
While Westbridge successfully concluded the sale of the Georgetown Project, it retains ownership and continues to advance projects under its other subsidiaries, including Red Willow Solar, Eastervale Solar, Dolcy Solar, and Sunnynook Solar Energy. These special purpose vehicles (SPVs) are subjects of previously announced share purchase agreements with Mytilneos. The closing dates for each SPV are expected in 2024 and 2025.
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Stefano Romanin, Chief Executive and Director of Westbridge Renewable, expressed satisfaction, stating, “This marks a pivotal milestone in the progress of our company as it is the company's first project being monetized, realizing our strategic vision. It stands as a testament not only to our team's dedication but to the solid business model executed over the past few years. A special acknowledgement to global leader Mytilneos, for its invaluable support and welcome them to the Province of Alberta. We are confident that their expertise and commitment will propel the Project forward.”
