Canadian solar developer Westbridge Renewable Energy Corp has completed the sale of its 75% stake in the Sunnynook solar project, a 280-MW AC/332-MW DC solar facility in Alberta, to a subsidiary of Greece's Metlen Energy & Metals .
This transaction is part of a broader 2023 agreement under which Metlen Energy, previously known as Mytilineos, committed to acquire a five-project portfolio from Westbridge in Alberta, totaling a combined 1,410 MW DC.
The Sunnynook deal was concluded through the sale of shares in Sunnynook Solar Energy Inc, following regulatory approvals from the Alberta Utilities Commission (AUC) and the TSX Venture Exchange (TSXV).
Westbridge received CAD 41.44 million (USD 29.9 million/EUR 27.4 million) at closing, with an additional portion paid at signing and the remainder due upon commercial operation of the project.
Funds from the sale were partially used to settle loan facilities tied to the Sunnynook project. The transaction follows the December 2023 sale of Westbridge's 230-MW AC/278-MW DC Georgetown solar project, another component of the Alberta portfolio sold to Metlen.
The company is progressing with the development of three remaining Alberta projects, including the recently approved 300-MW Dolcy Solar Project, and expects to close each as regulatory conditions are met.
“This marks another significant milestone for Westbridge; it is our second utility-scale project monetized in the last 12 months,” commented Westbridge CEO Stefano Romanin, noting strong momentum in advancing projects toward regulatory approval and operational readiness in Alberta.
