Canadian solar developer Westbridge Renewable Energy Corp (CVE:WEB) is actively pursuing its European expansion plans with the acquisition of two solar projects in Italy, collectively adding 62 MW to its power generation capacity.
Having successfully concluded feasibility studies and securing both land and grid access, Westbridge revealed on Friday that it is currently in the process of advancing planning applications for the projects. The developments include the 32-MW Gierre Solare Project situated in the central Italian region of Lazio, and the NM Solare Project, boasting a capacity of 30 MW, strategically located in the Lazio and Umbria regions.
Stefano Romanin, Director and CEO of Westbridge, expressed optimism about the Italian market, citing its strength and promising long-term outlook, positioning it as a key player in Europe's renewable energy sector. Romanin noted that these projects mark a significant step for the Canadian firm, aiding in diversifying its footprint across Europe as part of its broader expansion strategy for the continent.
The move aligns with Westbridge's recent divestment strategy, which included the sale of a substantial 230-MW solar project in Alberta to Greek industrial group Mytilineos SA. The transaction, completed last summer, was part of a larger portfolio sale in the Canadian province, setting the stage for Westbridge's strategic shift towards European markets.
