The Westbridge Renewable Energy Corporation has agreed to divest from a 332MW solar project to a subsidiary of Greek firm METLEN Energy & Metals, for C$41.4 million (US$28.8 million).
The transaction involved the sale of Westbridge’s 75% stake of Sunnynook Solar Energy Inc, a company established to develop the project in the province of Alberta in Canada, where Westbridge is based. As part of the transaction repaid a C$18.4 million (US$13.2 million) loan, using funds raised from the sale, taken out to develop the project.
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The project has already received approvals from the Alberta Utilities Commission (AUC), including for a connection to the Alberta Interconnected Electric System. Westbridge initially planned to commission the project by the end of this year, and while the company has not updated its timeframe for the facility, its director and CEO Stefano Romanin noted that METLEN would now be responsible for completing construction work.
“We are delighted to announce the closing of the Sunnynook project,” said Romanin. “This marks another significant milestone for Westbridge; it is our second utility-scale project monetised in the last 12 months, and it is also our second project advanced to ‘ready-to-build’ in Alberta.”
The project will be built in the province’s Special Area 2, a part of southern Alberta covering 9,347.6km2 and with a population of 1,905, as of 2016. All three of the Special Areas consist of largely rural communities.
