MYTILINEOS Enters Canadian Market with acquisition of 1.4 GW Alberta Solar PV Portfolio
MYTILINEOS Enters Canadian Market with acquisition of 1.4 GW Alberta Solar PV Portfolio
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MYTILINEOS Enters Canadian Market with acquisition of 1.4 GW Alberta Solar PV Portfolio

RE+D magazine
01.06.2023

MYTILINEOS Energy & Metals (“MYTILINEOS”) announced that it has entered into definitive agreements (each a “Share Purchase Agreement”) in connection with the purchase by MYTILINEOS’ M Renewables of a portfolio of 5 solar projects located in Alberta, Canada, from Westbridge Renewable Energy Corp (“Westbridge” or “Westbridge Renewable”), a utility-scale solar PV development Company, with anticipated aggregate capacity of 1,410 MWdc (1.4 GW) upon commercial operation.

The Transaction is to be completed by way of a share purchase by MYTILINEOS of all of the issued and outstanding shares of the following subsidiaries of Westbridge: Georgetown Solar Inc. (“Georgetown”), Sunnynook Solar Energy Inc. (“Sunnynook”), Dolcy Solar Inc. (“Dolcy”), Eastervale Solar Inc. (“Eastervale”), and Red Willow Solar Inc. (“Red Willow”), (collectively, the “SPVs”).

  • The projects under development by each of the SPVs are comprised of the following (collectively, the “Projects”):
  • Georgetown – Solar power plant with a capacity of up to 230MWac (278MWdc), located in Vulcan County, Alberta;
  • Sunnynook – Solar power plant with a capacity of up to 280 MWac (332 MWdc), located in Special Area No. 2, Alberta;
  • Dolcy – Solar power plant with a capacity of up to 200 MWac (246 MWdc), located in the municipal district of Wainwright, Alberta;
  • Eastervale – Solar power plant with a capacity of up to 300 MWac (274 MWdc), located in the municipal district of Provost, Alberta; and
  • Red Willow – Solar power plant with a capacity of up to 225 MWac (280 MWdc), located in Stettler County No. 6, Alberta.

The purchase price in respect of each SPV is based on the relevant Project’s actually installed maximum solar PV direct current capacity and is subject to standard working capital and indebtedness adjustments and adjustments in the event interconnection costs exceed estimates.

Closing of the purchase and sale of each SPV is conditional upon, among other things: obtaining approval of the purchase and sale by Westbridge shareholders, and the TSX Venture Exchange (“TSXV”) and obtain regulatory approvals from the Alberta Utilities Commission (“AUC”).