Westbridge Finalizes 280-MW Solar Project Sale in Alberta to Metlen Energ

Canadian solar developer Westbridge Renewable Energy Corp has completed the sale of its 75% stake in the Sunnynook solar project in Alberta, Canada. This 280-MW AC/332-MW DC project was acquired by a subsidiary of Greece’s Metlen Energy & Metals, previously known as Mytilineos.

The transaction is part of a broader agreement established in 2023, in which the Greek conglomerate committed to purchasing a portfolio of five Alberta-based solar projects with a combined capacity of 1,410 MW DC from Westbridge. Westbridge received CAD 41.44 million (USD 29.9 million/EUR 27.4 million) at closing, which represents 92% of the total price; an additional 3% was paid at signing, and the remaining balance will be paid upon the project reaching commercial operations.

To complete the sale, Westbridge met all required conditions, including regulatory approvals from the Alberta Utilities Commission (AUC) and the TSX Venture Exchange (TSXV) for the project’s construction, operation, and interconnection. Part of the sale proceeds was used by Westbridge to settle loan facilities tied to the Sunnynook project.

This transaction marks Westbridge’s second utility-scale project monetized in the past year and its second Alberta project to reach “ready-to-build” status. Previously, the company closed the sale of the 230-MW AC/278-MW DC Georgetown solar project at the end of 2023. Westbridge is now focused on advancing the remaining three Alberta projects included in the portfolio agreement with Metlen, with closings anticipated once regulatory approvals are secured.

“We are pleased to announce the successful closing of the Sunnynook Project, marking a key milestone for Westbridge," said Stefano Romanin, CEO of Westbridge. "With strong momentum on the three remaining projects, we are thrilled to have recently received AUC approval for the 300-MW Dolcy Solar Project."