Westbridge Renewable Energy Corporation continues its strategic restructuring by completing the sale of five utility-scale solar projects located in Alberta, Canada, to Metlen Energy & Metals. The transaction, which includes the Georgetown project, Sunnynook, Dolcy, Eastervale, and Red Willow, totals 1.4 GW of capacity. This operation allows Westbridge to secure non-dilutive cash flow to pursue its growth ambitions in North America and Europe.
Key projects in Alberta
The sale is part of Westbridge’s strategy to focus its investments on projects with high return potential while minimizing the risks associated with large-scale developments. The Georgetown project was the first to be transferred to Metlen in December 2023, enabling Westbridge to recover 40 million dollars in liquidity. The four other projects, Sunnynook, Dolcy, Eastervale, and Red Willow, are still in the process of obtaining their respective approvals.
The Sunnynook project, with a capacity of 332 MWdc, recently obtained its interconnection permit in August 2024. The Dolcy project has received approval from the Alberta Utilities Commission (AUC) for a 300 MWac solar installation coupled with a 200 MWh storage system. Eastervale and Red Willow are awaiting the necessary validations from regulatory authorities, with decisions expected in the fourth quarter of 2024.
International expansion and diversification
In parallel with these Canadian developments, Westbridge continues its international diversification with projects in the United States, the United Kingdom, and Italy. In the United States, the Accalia Point project, with a capacity of 221 MWdc, is in the preparation phase for construction launch in Cameron County, Texas. Once operational, this project will strengthen the company’s position in the American market, characterized by high demand for solar production capacity and storage solutions.
In Europe, Westbridge is structuring its activities with the Fiskerton project (53 MWac and 106 MWh storage) in Lincoln, United Kingdom. This project has already secured grid connection permits and land control. In Italy, the company is developing two projects in the Lazio and Umbria regions, with a combined capacity of 62 MW. These projects have completed feasibility studies and are in the permitting phase.
Strategic positioning in key markets
The sale of Alberta assets to Metlen Energy & Metals is part of a funding strategy through asset rotation. This approach allows Westbridge to maximize its resources while reducing its exposure to regulatory and operational risks associated with pre-construction projects. By freeing up funds through these sales, the company strengthens its ability to invest in high-growth markets such as Texas and the United Kingdom, where the regulatory framework for renewable energy remains favorable.
Westbridge’s approach is based on combining solar projects with energy storage solutions to meet the growing demand for renewable electricity and flexible energy management. The North American market, in particular, is increasingly turning to hybrid installations integrating production and storage, ensuring price stability on regional networks.
Growth prospects for Westbridge
Westbridge’s strategy of selling its projects at advanced development stages while exploring new opportunities is central to its future growth. The company plans to expand its portfolio in Canada with over 1 GW of new projects in the planning stage in Alberta and Ontario, as well as initiatives in British Columbia. The focus is on technologies combining solar production and storage (BESS) to maximize asset flexibility and profitability.
Geographic diversification remains a priority. In addition to its projects in North America, Westbridge is evaluating more fragmented European markets, particularly in the United Kingdom and Italy, where solar production costs are decreasing, and national decarbonation goals are creating new opportunities for independent players.
The company focuses on the value creation of its assets in the development stage while minimizing financial risks, providing a sustainable model in the face of evolving global energy markets.
