- Westbridge (WEB) signed a C$4,830,000 loan agreement with Leyline Renewable Capital
- Westbridge subsidiary, Georgetown Solar, will use the funds for its Alberta Electric System Operator (AESO) contribution requirement for its flagship Georgetown Solar + Energy Storage Project in Alberta
- The loan is secured by a first-priority security interest against Georgetown’s assets, bears interest at 12 per cent per year, and matures on December 5, 2023
- Westbridge Renewable Energy develops utility-scale solar photovoltaic (PV) projects
- Westbridge (WEB) is unchanged, trading at $0.465 per share
Westbridge (WEB) has signed a C$4,830,000 loan agreement with Leyline Renewable Capital.
Its wholly-owned subsidiary, Georgetown Solar, will use the funds for its AESO contribution requirement for its flagship Georgetown Solar + Energy Storage Project.
The project boasts a solar power capacity of up to 230 MWac / 278 MWdc, a battery energy storage system (BESS) capacity of up to 200 MWh, and a 30-year operating life.
Westbridge expects the project to be its first exit.
The loan is secured by a first-priority security interest against Georgetown’s assets, bears interest at 12 per cent per year, and matures on December 5, 2023.
The agreement is between Westbridge, Georgetown and Westbridge Investco (a lending entity established by Leyline).
“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,” stated Philip Stubbs, Westbridge Renewable’s CFO. “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. The project has recently received power plant and substation approval by the Alberta Utilities Commission.”
Westbridge Renewable Energy develops utility-scale solar photovoltaic projects.
Westbridge (WEB) is unchanged, trading at $0.465 per share as of 1:16 pm ET.
