Canadian renewables firm Westbridge Renewable Energy will complete the first transaction of one of its five definitive agreements with Greek developer Mytilineos’ subsidiary, Metka.
The projects, with a combined capacity of 1.4GW, are developed by five of Westbridge Renewable Energy’s subsidiaries, including Georgetown, Sunnynook, Dolcy, Eastervale, and Red Willow. The Georgetown and Sunnynook projects have obtained Alberta Utilities Commission (AUC) approval.
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Meanwhile, Westbridge Renewable Energy also posted the Generating Unit Owners Contributions with the Alberta Electric System Operation for Sunnynook, Dolcy and Eastervale on 24 August 2023, satisfying requisite conditions under the respective share purchase agreements.
The transactions will close when the projects reach the ready-to-build status, fulfil closing conditions of the share purchase agreements and obtain TSX Venture Exchange final approval. The first transaction is expected to close in the first quarter of 2024, while the remaining projects will reach the ready-to-build status and be eligible to close in 2024 and 2025.
Previously, the Alberta government enacted the Generation Approvals Pause Regulation, which prohibits the AUC from issuing approvals from 3 August 2023 to 29 February 2024 for new hydro developments or power plants that produce renewable electricity. However, the Georgetown and Sunnynook projects are not affected by the regulation.
“We remain confident in achieving ready-to-build status on our flagship 278MWdc Georgetown project and our 332 MWdc Sunnynook Project. We are encouraged that the AUC will continue to accept and process applications during the Pause period,” said Scott Kelly, executive chairman of Westbridge Renewable.
Luis Laguna, Mytilineos’ regional managing director for North America, added: “We are committed to this partnership and to completing the transactions. AUC’s decision to continue accepting and processing applications during the Pause period contributes to continued investor confidence in Alberta.”