Westbridge sells five solar projects in Canada to Metka-EGN

By Editor


Westbridge Renewable Energy Corporation has sold five solar projects located in Alberta, Canada to Metka-EGN.

These five solar projects will have an anticipated aggregate capacity of 1,410 MWdc (1.4 GW) upon commercial operation.

The projects under development

Georgetown – Solar power plant with a capacity of up to 230MWac (278MWdc), located in Vulcan County, Alberta;

Sunnynook – Solar power plant with a capacity of up to 280 MWac (332 MWdc), located in Special Area No. 2, Alberta;

Dolcy – Solar power plant with a capacity of up to 200 MWac (246 MWdc), located in the municipal district of Wainwright, Alberta;

Eastervale – Solar power plant with a capacity of up to 300 MWac (274 MWdc), located in the municipal district of Provost, Alberta; and

Red Willow – Solar power plant with a capacity of up to 225 MWac (280 MWdc), located in Stettler County No. 6, Alberta.

The projects will:

Generate 2.1 terawatt-hours (TWh) per year of renewable energy, equivalent to the electricity necessary to provide power to 200,000 Canadian homes for one year, or eliminating 330,000 cars from the road for one year, and avoiding the annual emission of 1,500,000 tons of carbon pollution to the atmosphere;

Have a total investment of CAD$1.7 billion (excluding BESS equipment), which will be disbursed (except for the advance payment) in the various phases of project development and construction, with expected completion in 2026-2027. The Capex investment is expected to be equally distributed over a period of 4 years.

The two most advanced projects, Georgetown and Sunnynook (approximately 510 MW) are expected to reach ready-to-build (RTB) status by the end of this year, while the remaining three Projects (approximately 800 MW) are in advanced development status with RTB expected by mid- 2024.

All of the Projects have applied for and/or been permitted for the installation and use of a battery and energy storage system (BESS), with a total anticipated combined storage capacity of 1,200 MWh for the total portfolio.

The purchase price is based on the relevant project’s installed maximum solar PV direct current capacity and is subject to standard working capital and indebtedness adjustments and adjustments in the event interconnection costs exceed estimates.

As of the date hereof, the aggregate purchase price, payable in cash, in respect of all of the projects is estimated to be between CAD$217,000,000 and CAD$346,000,000, subject to the adjustments.

Canada announced the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit which may provide a refundable tax credit of up to 30 percent on the Capex of certain energy generation projects.

The Capex investment for the Projects includes this 30 percent tax credit from the Canadian government (up to CAD$430 million based on the estimated Capex of the projects).

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