Canadian renewables company Westbridge Renewable Energy has recently finalized agreements with Greek developer Mytilineos' subsidiary, Metka, to acquire a portfolio of five projects in Canada. These projects, located in Alberta's western region, are anticipated to be completed between 2026 and 2027, boasting a combined capacity of 1.4GW.
Under the terms of the deal, Westbridge will purchase all the issued and outstanding shares of its five subsidiaries from Metka. Two of the projects, Georgetown and Sunnynook, are already in advanced stages and are projected to attain ready-to-build (RTB) status by the end of this year. The remaining three projects are expected to reach RTB status by mid-2024.
Significantly, all five projects have either applied for or obtained permits for co-location with battery energy storage systems (BESS), amounting to a total capacity of 1.2GWh across the portfolio. Westbridge had previously expanded its Canadian development portfolio by incorporating several large solar-plus-storage projects last year.
The acquisition price will be determined based on the maximum installed current capacity of each project. It is estimated to range between C$217-346 million (US$162-258 million), subject to adjustments. This transaction marks Mytilineos' first venture into the North American market, exemplifying the company's commitment to expanding its renewables business globally.
Evangelos Mytilineos, Chairman and CEO of Mytilineos, expressed the company's enthusiasm for the investment, stating, “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.”
