Westbridge Renewable Energy has successfully finalized the sale of its 230 MW Vulcan County, Alberta solar power plant project to a subsidiary of MYTILINEOS Energy & Metals. This significant development was officially disclosed in early June and represents an important achievement for both companies.

The completion of the transaction was made possible through the sale of all the issued and outstanding shares of Georgetown Solar. Westbridge met all the necessary conditions for the transaction, including securing regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the project to the Alberta Interconnected Electric System, as well as obtaining the green light from the TSX Venture Exchange.

MYTILINEOS paid 3% of the estimated base purchase price at signing, with 92% of the estimated purchase price paid at closing, with the remaining balance expected to be paid upon the project reaching commercial operation. Nikos Papapetrou, representing MYTILINEOS, expressed similar enthusiasm, emphasizing the importance of the Georgetown Project as the first step in their strategic foray into Canada, stating, “Georgetown marks the closing of the first of five Alberta projects strategically poised for progression towards commercial energy production.”

It is significant to note that Westbridge retains ownership and continues to advance the projects of each of its other subsidiaries, illustrating a strong and ongoing commitment to furthering the organization’s renewable energy initiatives.

This successful transaction marks a noteworthy collaboration between Westbridge Renewable Energy and MYTILINEOS Energy & Metals, setting the stage for further advancements in the renewable energy sector. The acquisition and strategic positioning of the Vulcan County solar power plant project reflects a clear commitment to sustainable energy practices and underscores the growing momentum in the industry.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The energy market is highly volatile, and readers should conduct thorough research before making any investment decisions.