Westbridge Renewable Energy has closed the sale of its 75% owned, Special Area 2, 332 MW Alberta solar power plant project to a subsidiary of METLEN Energy & Metals for CA$41 million.
The transaction was completed by way of the sale of all the issued and outstanding shares of Sunnynook Solar Energy. Westbridge satisfied the conditions for the transaction, including regulatory approvals from the Alberta Utilities Commission (AUC), for the construction, operation and interconnection of the project to the Alberta Interconnected Electric System and for the TSX Venture Exchange.
METLEN paid approximately 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the project reaches commercial operations.
Westbridge repaid CA$18,405,650 from the proceeds of the transaction, owing under its loan facilities secured by the project and the shares of Sunnynook, provided by lending entities established by Leyline Renewable Capital.
Westbridge continues to retain ownership and is continuing to advance the projects of the three other wholly-owned Alberta subsidiaries which are also subject to the previously announced share purchase agreements with METLEN. The sale of the shares of each SPV is not conditional on the sale of the shares of any other of the SPVs.
“We are delighted to announce the closing of the Sunnynook Project,” says Stefano Romanin, CEO and director of Westbridge Renewable.
“This marks another significant milestone for Westbridge: it is our second utility-scale project monetized in the last 12 months, and it is also our second project advanced to ‘ready-to-build’ in Alberta. We have strong momentum in the three further projects committed for sale to METLEN and recently received AUC approval for the 300 MW Dolcy Solar Project.”
