Westbridge Renewable Energy up 16%, Announces C$26.7 Million Red Willow Project Sale
Westbridge Renewable Energy (WEB.V) said Friday that it is selling its Red Willow Solar Project for C$26.7 million to an undisclosed buyer. Its shares were up 16%.Westbridge will receive C$10.5 million in cash, and reimbursement of C$4.725 million from the Alberta Electric System Operator due to the project being sold.The company will also receive an additional C$11.5 million when the battery energy storage system and solar photovoltaic system become commercially operational, a statement said.Red Willow is an advanced-stage, utility scale solar-plus-storage project in central Alberta and is made up of a solar power plant of up to 225 MWac and a proposed 100 MW battery energy storage system."The sale of Red Willow represents another important validation of Westbridge's development and monetization strategy. Since establishing our Alberta platform, we have focused on siting projects in favorable locations with strong renewable resources, transmission access and long-term strategic value," said Chief Executive Officer Stefano Romanin."Red Willow is an excellent example of that approach, and this transaction demonstrates continued demand for well-positioned renewable energy and energy storage assets," Romanin added.Westbridge Renewable shares were last seen up C$0.18 at C$1.31 on the TSX Venture Exchange.Price: $1.31, Change: $+0.18, Percent Change: +15.93%
