Westbridge Renewable reports Strong Financial Results for 2024 and Strategic Update on its Project Pipeline

About this update from Westbridge Renewable Energy Corp

[{"type":"text","content":"\n\n\n\n Westbridge Renewable reports Strong Financial Results for 2024 and Strategic Update on its Project Pipeline\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 May 12, 2025\n \n\n /CNW/ -\n \n Westbridge Renewable Energy Corporation\n \n (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ)\n \n (\"Westbridge\", \"Westbridge Renewable\" or the \"Company\")\n \n , a leading renewable energy development company, is pleased to announce strong financial results for the fiscal year ended\n \n November 30, 2024\n \n , and to provide a strategic update regarding its project pipeline.\n \n\n\n\n\n\n\n\n\n\n 2024 Full Year Financial Highlights\n \n\n\n\n Westbridge\n \n closed fiscal year 2024 in a robust financial position, underlining the success of its capital allocation and project monetization strategy:\n \n\n\n\n $99 million\n \n in gross cash proceeds from project sales, resulting in\n \n $60m\n \n profit before tax and after all costs and interest\n \n\n\n $35 million\n \n in debt repaid bringing the long-term debt to zero\n \n\n\n $10 million\n \n returned to shareholders via a return of capital\n \n\n\n $37 million\n \n in cash and cash equivalents to drive future growth (as of the date of this release)\n \n\n\n These results reflect the monetization of key Canadian assets, including the sale of the Georgetown Solar\n \n (\n \n Dec 13\n \n\n th\n \n , 2023)\n \n and Sunnynook Solar (\n \n\n Nov 5\n \n\n th\n \n , 2024)\n \n projects.\n \n\n\n Update on the Alberta Projects\n \n\n\n Following the successful closings of the\n \n Georgetown\n \n and Sunnynook transactions, the previously announced definitive agreements with Metlen Energy & Metals (\"Metlen\",\n \n\n June 1\n \n\n st\n \n , 2023\n \n ) for the acquisition of the remaining\n \n Alberta\n \n -based projects expired on\n \n April 30\n \n\n th\n \n and the Company has returned the deposits to Metlen.\n \n\n Given the changing regulatory landscape and\n \n Westbridge's\n \n strengthened financial position, the Company is pleased to retain full o...

More updates from Westbridge Renewable Energy Corp