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Westbridge Renewable Energy Updates Its Portfolio

Westbridge Renewable Energy Corp. recently provided a substantial update regarding its international solar and battery storage portfolio. The Calgary-based company demonstrated notable progress as it continues to expand its clean energy projects, reaching several key milestones that enhance its position in the renewable energy market.

The fiscal year 2024 marked a milestone for Westbridge, as it was the first time the company realized substantial returns from its maturing project portfolio. The sale of two key projects, the Georgetown and Sunnynook, resulted in an impressive addition of over $62 million in cash to the company's balance sheet. This financial boost exemplifies Westbridge's commitment to maintaining strong operational results and maximizing investor value.

Portfolio Growth and Sales

Westbridge is proud to report a phenomenal growth rate of 30 times in its portfolio, now exceeding 9GW of projects either under development or in operation. The two recently sold projects, Georgetown (600 MW solar) and Sunnynook (400 MWh battery storage), contributed significantly to the company's cash flow and will further enable expansion initiatives.

The proximity of these accomplishments demonstrates Westbridge's dedication to delivering exceptional returns on capital invested, all while positioning itself as a unique asset in the renewable energy market that continues to gain global traction. The company focused on maintaining an impressive track record of project approvals, including the Alberta Utilities Commission (AUC) approval for Project Dolcy, showcasing its effectiveness in managing complex regulatory environments.

Debt Management and Returns to Shareholders

One of Westbridge’s notable actions in its recent developments has been the repayment of over $35 million in debt, which significantly improves its balance sheet for future growth. Furthermore, the company successfully returned $10 million to shareholders, providing a yield of approximately 12% - a gesture indicating Westbridge's commitment to delivering value to its investors.

Upcoming Projects and Developments

Westbridge has also announced various utility-scale solar and battery storage projects in Alberta, Canada, reiterating its growth strategy. Among these projects are:

• - Dolcy Solar: A 375 MWdc solar project expected to receive end-stage licensing, with further developments on its related battery energy storage system (BESS).
• - Eastervale Solar and Red Willow Solar are also moving through the approval process with ambitions for future sales.
• - Normandeau Solar is set for site development, forecasted to contribute significantly to Westbridge’s capacity going forward.

Additionally, Westbridge introduced five stand-alone BESS projects adding a total of 536 MWh energy storage capacity. These projects underscore the company’s proactive approach to diversifying its portfolio while responding to increasing electricity demand.

Expansion Beyond Canada

Beyond Canada's borders, Westbridge is aggressively pursuing opportunities in the U.S. and Europe. In Texas, the 221 MWdc Accalia Point project is nearing a shovel-ready stage, and multiple other solar PV and BESS projects totaling 5.2 GW are in the pipeline across various U.S. markets.

In Europe, Westbridge is advancing projects in the U.K. and Italy, securing necessary land and permits while maintaining a diligent focus on sustainability and energy efficiency.

Future Prospects

Looking ahead, Westbridge Renewable Energy stands as a promising leader in the renewable energy sector. The company is poised to continue its growth trajectory through innovative developments in solar technology and energy storage solutions. With a solid financial foundation, a robust project portfolio, and a commitment to investor returns, Westbridge is well-positioned to meet the rising global demand for clean energy.

For those interested in sustainability and investment in cutting-edge technology, Westbridge represents a compelling opportunity to be part of the renewable energy revolution.

For more detailed information about upcoming projects and company insights, visit Westbridge Renewable Energy's official website.