Westbridge divests 75% stake in Canadian solar power plant
November 6, 2024
Utility-scale solar photovoltaic projects developer Westbridge Renewable Energy has finalised the sale of its 75% stake in the Sunnynook solar power plant project to a subsidiary of METLEN Energy & Metals.
The Sunnynook solar and battery energy storage system (BESS) project is a 332 megawatts direct current (MWdc) solar photovoltaic project with a 200-megawatt hours (MWh) BESS situated in Special Area No 2, Alberta.
The Alberta Utilities Commission has approved the project, which is currently at stage four in the Alberta Electrical System Operator connection process.
Sunnynook will produce enough clean energy to power 50,000 homes in Alberta.
The transaction involved the sale of all issued and outstanding shares of Sunnynook Solar Energy. Upon closure, the company received C$41.4m ($29.7m).
METLEN paid 3% of the estimated base purchase price on signing and 92% of the estimated purchase price paid at closing. The remaining balance is due when the project begins commercial operations.
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Westbridge repaid C$18.4m from the proceeds, settling its loan facilities secured by the project and the shares of Sunnynook.
Westbridge maintains ownership and continues to advance the projects of three other wholly-owned Alberta subsidiaries that are also subject to share purchase agreements with METLEN.
The sale of each subsidiary’s shares is independent and will be concluded upon meeting or waiving the respective conditions, including regulatory approvals.
Westbridge Renewable director and CEO Stefano Romanin stated: “We are delighted to announce the closing of the Sunnynook Project. This marks another significant milestone for Westbridge; it is our second utility-scale project monetised in the last 12 months, and our second project advanced to ‘ready-to-build’ in Alberta.
“We applaud METLEN for its strategic vision and significant investment in the province of Alberta. In addition to the success in Alberta, we are seeing exceptional growth across our wider project portfolio in the US and other key markets.”
Westbridge Renewable Energy has a portfolio of projects in four key jurisdictions: Canada, the UK, the US and Italy.
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