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Westbridge Renewable Announces Closing of 278 MWp Alberta Georgetown Project Sale to MYTILINEOS
Westbridge Renewable Announces Closing of 278 MWp Alberta Georgetown Project Sale to MYTILINEOS ...
About this update from Westbridge Renewable Energy Corp
[{"type":"text","content":"\n \n \n \n Westbridge Renewable Announces Closing of 278 MWp Alberta Georgetown Project Sale to MYTILINEOS\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 14, 2023\n \n \n /CNW/ -\n \n Westbridge Renewable Energy Corporation\n \n (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (\"\n \n \n Westbridge\n \n \n \", \"\n \n Westbridge Renewable\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that it has closed the sale (the \"\n \n Transaction\n \n \") of its Vulcan County,\n \n Alberta\n \n solar power plant project with a capacity of up to 230MWac (278 MWdc) (the \"\n \n Project\n \n \"),  to a subsidiary of  MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) (\"\n \n MYTILINEOS\n \n \")) as announced on\n \n \n June 1\n \n \n st\n \n , 2023\n \n and\n \n \n June 5\n \n \n th\n \n , 2023\n \n .\n \n \n \n \n \n \n \n \n \n \n Transaction Details\n \n \n \n The Transaction was completed by way of the sale of all the issued and outstanding shares of Georgetown Solar Inc. (\"\n \n \n Georgetown\n \n \n \").\n \n Westbridge\n \n satisfied the conditions for the Transaction, including regulatory approvals from the Alberta Utilities Commission (\"\n \n AUC\n \n \") for the construction, operation, and interconnection of the Project to the Alberta Interconnected Electric System and the TSX Venture Exchange (\"\n \n TSXV\n \n \"). The Company received\n \n C$47,564,002\n \n at closing of the Transaction.  MYTILINEOS paid 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the Project reaches commercial operations.\n \n \n In connection with closing of the Transaction,\n \n Westbridge\n \n repaid in full, from the proceeds of the Transaction, all amounts owing under its previously announced loan facilities secured by the Project and the shares of Georgetown, provided by certain lending entities established by L...