Westbridge Renewable Energy has closed the sale of its 230 MW Vulcan County, Alberta, solar power plant project to a subsidiary of MYTILINEOS Energy & Metals, as announced in early June.
The transaction was completed via the sale of all issued and outstanding shares of Georgetown Solar. Westbridge satisfied the conditions for the transaction, including regulatory approvals from the Alberta Utilities Commission for the construction, operation and interconnection of the project to the Alberta Interconnected Electric System and the TSX Venture Exchange.
The company received C$47,564,002 at closing. MYTILINEOS paid 3% of the estimated base purchase price at signing, with 92% of the estimated purchase price paid at closing. The balance of the purchase price is expected to be paid when the project reaches commercial operation.
“We are delighted to announce the closing of the Georgetown Project,” says Stefano Romanin, CEO and director of Westbridge. “This marks a pivotal milestone in the progress of our company as it is the company’s first project being monetized, realizing our strategic vision. It stands as a testament not only to our team’s dedication but to the solid business model executed over the past few years.”
“We are thrilled to announce the successful closing of the Georgetown Project, an important first step of entry into Canada,” adds MYTILINEOS’ Nikos Papapetrou. “Georgetown marks the closing of the first of five Alberta projects strategically poised for progression towards commercial energy production.”
Westbridge continues to retain ownership and is continuing to advance the projects of each of its other subsidiaries.