Westbridge Renewable Energy has signed a definitive agreement to sell its Red Willow solar-plus-storage project in Alberta in a transaction that could generate total receivables of C$26.725 million if all contractual conditions and milestones are achieved.
The sale will be completed by transferring all outstanding shares of Westbridge subsidiary Red Willow Solar.
The announcement does not disclose the buyer’s identity.
Red Willow is an advanced-stage utility-scale project in Stettler County No. 6 in central Alberta.
The development consists of a solar plant with capacity of up to 225 MWac paired with a proposed 100 MW battery energy storage system.
The project has already received power plant and substation approvals from the Alberta Utilities Commission and maintains an interconnection position within the Alberta Electric System Operator process.
Westbridge expects C$10.5 million in cash at closing plus reimbursement or replacement of a C$4.725 million GUOC amount.
Another C$4.5 million would become payable when the battery storage system reaches commercial operation.
The company could receive an additional C$25,000 per MWdc when the solar project reaches commercial operation, currently estimated at approximately C$7 million.
The deal continues Westbridge’s strategy of originating, developing, de-risking and monetizing renewable energy projects.
The company retains other major Alberta assets, including the approved Dolcy project with up to 300 MWac of solar and 100 MW of battery storage, the Eastervale solar project and 350 MWac of standalone battery storage projects representing more than 700 MWh.
Westbridge is also positioning its broader North American development pipeline around rapidly increasing electricity demand.
Prospective large-load transmission service requests in Alberta have exceeded 16 GW, compared with a current system peak of approximately 12 GW.
In the U.S., Westbridge holds solar, storage and data center development projects in markets including Texas and Louisiana.
KEY QUOTES:
“The sale of Red Willow represents another important validation of Westbridge’s development and monetization strategy.”
“The defining constraint on AI is increasingly power, and the fastest way to add generation capacity in many U.S. markets is utility-scale solar paired with storage.”
Stefano Romanin, CEO Of Westbridge Renewable Energy
