Westbridge Renewable Energy Corporation (TSX-V: WEB) (OTCQX: WEGYF) (FRA: PUQ) has secured the required funding for a major solar project in Alberta.
On Wednesday, the Calgary-based company announced that its wholly-owned subsidiary, Georgetown Solar Inc. had acquired approximately $4.8 million to fund the Georgetown Solar + Energy Storage Project in southern Alberta’s Vulcan County.
The funding is being provided by Leyline Renewable Capital, a lending entity prioritizing renewable energy investments. The news follows Westbridge receiving power plant and substation approval from the Alberta Utilities Commission (AUC) in November.
Westbridge Renewable Receives Approval from the Alberta Utilities Commission for Georgetown #Solar PV and #Battery #Energy Storage Project
For more information, read the release: https://t.co/xIMqXaz7dH$WEB $WEGYF #SolarEnergy #CleanEnergy #Renewables #StocksToWatch #GreenEnergy pic.twitter.com/u0XFixcG3P
— Westbridge Renewable Energy Corp. (TSXV: WEB) (@WestbridgeEn) November 7, 2022
“We are excited to have received this decision after all of the hard work that has been put into the project by Westbridge and the greater team of professionals we work with,” said Maggie McKenna, Chief Operating Officer of the company in November.
The project is Westbridge’s flagship asset and it spans across 710 acres, the equivalent of 400 soccer fields. Westbridge says the site has been secured for five years of development and 30 years of operation with extension options following that period.
Westbridge also says the loan is secured by a first priority security interest against Georgetown’s assets, bearing interest at 12 per cent annually and maturing 12 months from the date of the loan agreement.
“Leyline Renewable Capital is a leading provider of debt and equity for renewable energy development backed by a team with deep experience in renewable investing,” said Philip Stubbs, Chief Financial Officer of Westbridge.
“Partnering with Leyline strategically bridges the gap between development and construction on our flagship project Georgetown Solar PV and has allowed us to fund the security payment for the generating unit owner’s contribution, and scale our business with non-dilutive capital.”
Westbridge is a company focused on solar energy with operations in Canada, the United States and the United Kingdom. The company has 40 projects around the globe.