Mytilineos to acquire Westbridge Renewable 1.4GW Canadian solar portfolio

Facebook
Twitter
LinkedIn
Reddit
Email
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.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

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 Energy-Storage.news.

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.

Read Next

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)
Solar Media Events
June 4, 2024
London, UK
Upcoming Webinars
June 11, 2024
3:00 PM (BST) / 4:00 PM (CEST)
Solar Media Events
July 2, 2024
Athens, Greece