The 278 MW Solar PV and 100 MW energy storage system is permitted and licensed for construction.
Westbridge Renewable Energy announced the receipt of power plant and battery energy storage system (BESS) approval from the Alberta Utilities Commission for construction of the Georgetown Solar and Energy Storage Project in Vulcan County, Alberta. The facility consists of a 278 MW utility-scale solar generation and 100 MW (200 MWh) energy storage project.
The AUC meanwhile granted the company a substation permit and license to operate the 1015S substation interconnected to the Georgetown facility near Mossleigh, Alberta.
Currently Westbridge manages a development portfolio of five utility solar projects and four energy storage projects in North America and one energy storage in the UK totaling 1.29 GW of solar and 500 MW of energy storage projects. The company plans to commission its first project in early 2023 with a target of growing to 2 GW of assets under management.
Image: Westbridge Renewable Energy Corp.
Westbridge''s lone U.S. solar asset is the 221 MW Accalia Point Solar project, which the company acquired from Aelius Solar in October 2021. The project is located in Texas, near South Padre Island and the U.S. – Mexico border. Westbridge anticipates completion of the project and interconnection agreement to take place in Q1 2023.
On September 30, Westbridge officially rebranded from Westbridge Energy Corporation to Westbridge Renewable Energy in order to better align its strategy with the energy transition. The company trades for a $28 million market capitalization.
According to Green Alberta Energy, 10,404 solar projects have been installed to date in the province with an aggregate generation capacity of 1.08 gigawatts.
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TORONTO, Dec. 7, 2022 /PRNewswire/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge Renewable" or the "Company") is pleased to announce that its wholly-owned subsidiary, Georgetown Solar Inc. ("Georgetown"), has secured financing to fund its AESO contribution requirement for its flagship project, the Georgetown Solar + Energy Storage (the "Project").
Pursuant to a loan agreement (the "Loan Agreement") dated December 5, 2022 between the Company, Georgetown and Westbridge Investco, LLC (a lending entity established by Leyline Renewable Capital, LLC) (the "Lender"), Georgetown may borrow up to a maximum of the U.S. dollar equivalent of CAD$4,830,000 (the "Loan").
Westbridge Renewable CFO Philip Stubbs commented "Leyline Renewable Capital is a leading provider of debt and equity for renewable energy development backed by a team with deep experience in renewable investing. Partnering with Leyline strategically bridges the gap between development and construction on our flagship project Georgetown Solar PV and has allowed us to fund the security payment for the Generating Unit Owner''s Contribution, and scale our business with non-dilutive capital.The project has recently received power plant and substation approval by the AUC1".
The Loan is secured by a first priority security interest against the assets of Georgetown, bears interest at 12% per annum and matures 12 months from the date of the Loan Agreement.
On behalf of the Board of Directors,
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Westbridge Renewable Energy Corp.''s wholly owned subsidiary, Georgetown Solar Inc., has obtained power plant and battery energy storage system (BESS) approval (Decision 27205-D02-2022) and a substation permit and license (Decision 27205-D03-2022) from the Alberta Utilities Commission (AUC) for its flagship project, the Georgetown Solar + Energy Storage Project.
The Georgetown Project marks the first of four Alberta projects of Westbridge to receive power plant and BESS approval from the AUC. The approvals allow Georgetown to construct and operate the project, located near Mossleigh in Vulcan County, Alberta. The project consists of a solar power plant with a capacity of up to 230 MW AC / 278 MW DC, BESS with capacity of up to 200 MWh and the associated Mossleigh 1051S Substation. Approval is granted subject to provisions by the Hydro and Electric Energy Act and the Alberta Utilities Commission Act.
"We are pleased to have achieved this important milestone for Westbridge Renewable, validating our work as a leading solar developer and confirming the strength of our team, business model, and quality of our projects," comments Stefano Romanin, director and CEO. "This approval confirms our ability to originate high-quality greenfield projects, and add significant value by taking them to shovel-ready approval."
"We are excited to have received this decision after all of the hard work that has been put into the project by Westbridge and the greater team of professionals we work with," says Maggie McKenna, director and COO. "It is a job well done by everyone involved and we thank everyone including the stakeholders that participated in the process. This accomplishment brings the Georgetown Project closer to monetization."
Westbridge Renewable Energy has five utility-scale solar PV projects and four BESS projects in North America and one standalone BESS project in the U.K., totaling 1,285 MWp of solar PV and 500 MW / 1 GWh of BESS under development in its growing portfolio.
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