Canadian renewables firm Westbridge Renewable Energy has completed the sale of a 278MWdc (230MWac) solar project in Canada to a subsidiary of Greek developer Mytilineos.
After the transaction of the Georgetown solar project, located in Vulcan County, Alberta, the company will receive CA$47.6 million (US$35.6 million). Mytilineos paid 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.
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Westbridge also used the proceeds from the sale to repay all outstanding loans related to the project.
“(This is) an important first step of entry into Canada. The closing of the Georgetown Project at the ready to build stage launches our development plans seamlessly towards construction,” said Nikos Papapetrou, executive director of Mytilineos’ M Renewables.
In June, Westbridge Renewable Energy entered into definitive agreements with Greek developer Mytilineos’ subsidiary, Metka, to purchase a portfolio of five projects in Canada. Located in the western region of Alberta, once completed – expected between 2026-2027 – the projects will have a cumulative capacity of 1.4GW.
The sale of each project will take place in 2024 and 2025 and is independent of other projects. All the projects have applied for or been permitted for co-location with battery energy storage system (BESS) for a combined capacity of 1.2GWh across the five projects.
