Canadian renewables development-stage developer Westbridge Renewable Energy has entered into a definitive share purchase agreement for the sale of its 225MWac Red Willow solar-plus-storage project in Canada.
Located in the province of Alberta, the utility-scale solar-plus-storage project is in an advanced stage and has secured power plant and substation approvals from the Alberta Utilities Commission (AUC) earlier this year. The project will be paired with a 100MW battery energy storage system (BESS).
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Under the terms of the agreement, Westbridge will receive an upfront cash payment at closing, together with additional milestone payments. The total receivables could reach CAD$26.7 (US$19.3 million). Although the name of the company acquiring the project was not disclosed, three years ago, Westbridge had entered into an agreement with Greek developer Metlen Energy & Metals – previously known as Mytilineos – for the sale of a 1.4GW solar PV portfolio co-located with BESS located in Alberta. The agreement included the Georgetown, Sunnynook, Dolcy, Eastervale, and Red Willow
Stefano Romanin, CEO of Westbridge, said: “The sale of Red Willow represents another important validation of Westbridge’s development and monetisation strategy. Since establishing our Alberta platform, we have focused on siting projects in favorable locations with strong renewable resources, transmission access and long-term strategic value.”
Moreover, on top of the Red Willow solar-plus-storage project, Westbridge has other projects in advanced-stage in the province of Alberta, including the Dolcy solar-plus-storage project with up to 300MWac solar PV paired with up to 100MW BESS, the Eastervale Solar project with up to 300MWdc solar PV and 350MWac of new standalone BESS projects.
Outside of Canada, the company is also developing solar PV and BESS projects in the US, including solar-plus-storage and solar PV projects in Texas and Louisiana, as well as data-centre development projects. According to the company, its US renewables portfolio positions it as a developer in the clean-power infrastructure the US AI build-out requires.
