Westbridge Renewable Energy Corporation has closed the sale of its 230MWac Vulcan County, Alberta solar power plant to a subsidiary of Mytilneos Energy & Metals.
The transaction was completed by way of the sale of all the issued and outstanding shares of Georgetown Solar.
The sale was finalised after Westbridge satisfied the conditions for the transaction, including regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the Project to the Alberta Interconnected Electric System and the TSX Venture Exchange.
Westbridge received C$47.6m (€32.5m) at closing of the transaction.
Mytilneos 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.
In connection with closing of the transaction, Westbridge repaid in full from its proceeds all amounts owing under its previously announced loan facilities secured by the project and the shares of Georgetown, provided by certain lending entities established by Leyline Renewable Capital, LLC, and the security registered in respect thereof has been discharged.
Westbridge continues to retain ownership and is continuing to advance the projects of each of its other subsidiaries: Red Willow Solar, Eastervale Solar, Dolcy Solar, and Sunnynook Solar Energy, the special purpose vehicles (SPV) which are also subject to the previously announced share purchase agreements with Mytilneos.
The anticipated closing dates for each of these SPVs are expected to take place in 2024 and 2025.
The sale of the shares of each SPV is not conditional on the sale of the shares of any other SPVs.
Stefano Romanin, chief executive and director of Westbridge Renewable, said: “We are delighted to announce the closing of the Georgetown Project.
“This marks a pivotal milestone in the progress of our company as it is the company’s first project being monetized, realizing our strategic vision.
“It stands as a testament not only to our team’s dedication but to the solid business model executed over the past few years.
“A special acknowledgement to global leader Mytilneos, for its invaluable support and welcome them to the Province of Alberta. We are confident that their expertise and commitment will propel the Project forward.”