Business
Westbridge Energy Acquires 221 MWp Texas Solar Project
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - Westbridge Energy Corpor...
About this update from Westbridge Renewable Energy Corp
[{"type":"text","content":"Westbridge Energy Acquires 221 MWp Texas Solar ProjectVancouver, British Columbia--(Newsfile Corp. - September 29, 2021) - Westbridge Energy Corporation (TSXV: WEB) www.westbridge.energy (\"Westbridge\" or the \"Company\") is pleased to announce that its wholly-owned subsidiary, Westbridge Energy (U.S.) Corp. (\"WEB\"), has acquired a 221 MWp solar development project known as Accalia Point Solar located in Cameron County, Texas, U.S. (the \"Project\") from Aelius Solar Corp. (\"Seller\"). The Project assets are owned by Accalia Point Solar, LLC (\"Company\"). WEB acquired 100% of the issued and outstanding membership interests of the Company from the Seller, an arms' length party, under a Membership Interest Purchase Agreement (\"MIPA\"). The acquisition represents a tremendous opportunity for both Westbridge and Aelius Solar Corp., to continue progressing their commitment to solar energy in the face of ongoing global interest in reducing reliance on fossil fuels and the need to reduce carbon emissions. \"Our interest in the Accalia Point Solar project is based on our core strength in creating 'shovel ready' projects and our mutual interest in generating growth from solar energy projects,\" said Stefano Romanin, CEO of Westbridge. \"In our discussions with Aelius we found similar interests and a spirit of continuing project development.\"Aelius will provide development services to the project making it attractive to hand off to the next stage of investment and completing the connection to the grid. The Project has secured site control in the form of long-term solar leases covering approximately 1120 acres of primarily cultivated farmland, has kicked off interconnection studies and has completed preliminary environmental analyses. Westbridge anticipates completing the development of the Project and being ready to execute an interconnection agreement in Q1 2023.\"The Accalia Point Solar acquisition represents an important milestone for Westbridge Energy Corp, significantly expanding its megawatts under development and entry into the U.S. We are now in the attractive markets of Alberta, Canada and Texas, USA. Both locations have exceptional solar irradiation and openly competitive wholesale energy markets, making them ideal candidates for renewable energy generation projects,\" said Stefano Romanin, CEO of Westbridge. \"The acquis...