Mytilineos to acquire Westbridge Renewable 1.4GW Canadian solar portfolio

The purchase of the Canadian solar portfolio from Westbridge marks Mytilineos’ first transaction in North America. Image: Mytilineos.

Canadian renewables firm Westbridge Renewable Energy has entered into definitive agreements with Greek developer Mytilineos’ subsidiary, Metka, to purchase a portfolio of five projects in Canada.

Located in the western region of Alberta, once completed – expected between 2026-2027 – the projects will have a cumulative capacity of 1.4GW.

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The transaction will be completed by way of a share purchase from Metka of all the issued and outstanding shares for Westbridge’s five subsidiaries.

Two of the most advanced projects – Georgetown with a capacity of up to 230MW and Sunnynook with a capacity of 280MW – are expected to reach ready-to-build (RTB) status by the end of the year, while the remaining three are in advanced development status with RTB expected by mid-2024.

All the projects have applied for or been permitted for co-location with battery energy storage system (BESS) for a combined capacity of 1.2GWh across the five projects. Westbridge added several large solar-plus-storage projects to its Canadian development portfolio last year, as covered by sister site

The purchase price will be based on each project’s maximum installed current capacity and is estimated to be between C$217-346 million (US$162-258 million), subject to adjustments and marking Mytilineos’ first transaction in North America.

“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,” said Evangelos Mytilineos, chairman and CEO at Mytilineos.

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