Westbridge Energy Corporation (“Westbridge” or the “Company”) is pleased to announce that it has acquired a 75% controlling interest in Sunnynook Solar Energy Inc. (“Sunnynook”), which is developing a new 236 MWdc solar photovoltaic and 100 MW of Battery Energy Storage System (“BESS”) project located in Sunnynook, Alberta, Canada (the “Project”), pursuant to a definitive agreement dated November 30, 2021 (the “Agreement”).
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The Project has secured site control in the form of a long-term solar lease covering approximately 940 acres. It is currently in Stage 1 of the Alberta Electric System Operator (the “AESO”) interconnection process, with environmental studies underway in accordance with Alberta Environment and Parks guidelines.
“The acquisition of Sunnynook significantly expands Westbridge’s footprint in Alberta from 278 MWdc to 514 MWdc and further demonstrates the Company’s ability to originate and acquire utility-scale development assets in leading jurisdictions for solar project development. This acquisition confirms Westbridge’s position as one of the largest, fastest-growing solar PV developers in Canada by MW,” said Maggie McKenna, Chief Operating Officer and Director. “The Sunnynook project will provide clean, renewable energy to Albertans and benefit the local economy by creating new jobs in a fast-growing industry.”
Westbridge CEO, Stefano Romanin, added, “Sunnynook will employ leading-edge technologies, pairing solar PV generation with an advanced battery energy storage system, mitigating the intermittency of solar power.”
Westbridge now controls three utility-scale solar PV development projects totalling 735 MW, including two Alberta solar PV projects and the recently announced 221 MW development project in Accalia Point, Texas. The Company has also initiated two BESS projects in Alberta which could add an additional 200MW of battery storage capacity.
The Company is very pleased to report on progress to date and is on track to meet or exceed management’s target of 1 GW of development assets in the first year of operations post RTO.
Westbridge origination team continues to evaluate multiple solar and battery storage development projects to further scale and strengthen its portfolio, with a vision of maximizing the return on renewable energy assets through accretive project monetization and retention of royalties.