Westbridge Renewable to sell first project of Alberta portfolio to Mytilineos in 2024

At the same time, Westbridge Renewable Energy published the contributions made by Generating Unit Owners to the Alberta Electric System Operation for the Sunnynook, Dolcy, and Eastervale locations on August 24, 2023. This action fulfilled the necessary conditions outlined in the relevant share purchase agreements.

The deals will be finalized once the projects are marked as ready-to-build, meet the closing requirements of the share purchase deals, and obtain the last confirmation from TSX Venture Exchange. The initial arrangement is predicted to wrap up in early 2024, while the other schemes will progress to the ready-to-build phase and be entitled to close in 2024 or 2025.

Before, the authorities of Alberta put the Generation Approvals Pause Regulation in place. This means that from the 3rd of August 2023 until the 29th of February 2024, it is forbidden for the AUC to authorize the creation of any new hydroelectric projects or renewable energy power plants. Nonetheless, this rule does not have any impact on the Georgetown and Sunnynook projects.

Scott Kelly, who serves as the executive chairman of Westbridge Renewable, expressed his optimism in achieving the ready-to-build status for the Georgetown project, which boasts a generating capacity of 278MWdc, and the Sunnynook project, which has a 332 MWdc capacity. He added that they are pleased to hear that the AUC will still accept and handle applications despite the Pause period.

Luis Laguna, who is Mytilineos' regional head for North America, stated that they are dedicated to this collaborative effort and finishing the deals. AUC's choice to persist in receiving and managing applications while the Pause phase is ongoing supports the ongoing trust of investors in Alberta.