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Westbridge Renewable Energy Reports Strong Financial Performance and Strategic Developments for 2024

Westbridge Renewable Energy Corporation, a leading player in the renewable energy sector, has announced impressive financial outcomes for the 2024 fiscal year. The company reports that it successfully concluded its fiscal year on November 30, 2024, with substantial revenue generation and strategic advancements in its project pipeline.

2024 Financial Highlights

For fiscal year 2024, Westbridge recorded gross cash proceeds of $99 million from various project sales, leading to a pre-tax profit of $60 million after deducting all associated costs and interest. Furthermore, the company has proactively managed its liabilities by repaying $35 million in debt, effectively bringing its long-term debt to zero. In an effort to generate value for its shareholders, Westbridge returned $10 million via capital returns and maintained a robust cash reserve of $37 million to facilitate future growth initiatives. These impressive financial results are largely attributed to key project sales, particularly the Georgetown and Sunnynook Solar projects.

Strategic Project Updates

The company is also focusing on its Alberta project portfolio, with plans to sustain ownership of several pivotal projects following the conclusion of prior agreements with Metlen Energy Metals, which expired on April 30. These projects include Dolcy, Eastervale, and Red Willow, representing a combined capacity of 1.8 GW of solar energy and battery energy storage systems (BESS). Westbridge is now exploring partnerships to co-invest in project development while also advancing these projects towards construction and operation. This strategic shift is pivotal in positioning Westbridge as a vertically integrated energy company capable of capturing greater value throughout the project lifecycle.

Scott Kelly, Chairman of Westbridge, commented on the company's financial standing and strategy, stating, "Our robust cash position and pipeline of high-quality projects enable us to accelerate our strategy and maximize long-term value." He emphasized the importance of creative flexibility in advancing the Alberta portfolio, citing it as a key avenue for the company's role in the ongoing energy transition.

In line with future earnings potential, Westbridge may also receive up to $50 million in additional cash proceeds from the earlier sold Georgetown and Sunnynook projects, contingent on meeting certain post-closing milestones. Moreover, Westbridge is actively progressing three significant energy projects in Alberta: Red Willow, Eastervale, and Dolcy, focusing on enhancing Canada's renewable infrastructure through large-scale solar PV and BESS installations.

Developing Opportunities in Ontario

In a significant move towards expanding its operations, Westbridge Renewable Energy announced its entry into the Ontario market. This strategic development marks a notable commitment to providing sustainable energy solutions and reinforces the company’s position in North America's renewable energy landscape.

CEO Stefano Romanin stated, "Ontario will be a key growth market for Westbridge. By applying our experience in project monetization and development, we aim to establish ourselves as a premier developer of large-scale solar PV and BESS projects in this province."

Westbridge has successfully acquired three solar projects in Ontario, completing environmental permitting and interconnection applications, which will collectively contribute approximately 500 MWdc of solar power capacity. This expansion is critical for enhancing Westbridge’s growth strategy and advancing Canada's transition to a low-carbon economy.

Future Outlook

With a diversified development portfolio nearing 10 GW across multiple jurisdictions, Westbridge remains committed to advancing its utility-scale solar and battery storage projects. The company plans to secure necessary approvals and targets further international expansion into markets such as the U.S., UK, and Italy, ensuring its active role in advancing the renewable energy sector.

Westbridge's proven development model and strategic plans for long-term asset ownership emphasize the enhancement of shareholder value through both capital appreciation and capital returns. As one of Canada's few publicly-traded pure-play solar development firms, Westbridge offers a unique investment opportunity by allowing early-stage investments in solar energy projects, promising growth prospects amid a worldwide shift towards renewable energy solutions.

For further details, visit Westbridge’s official website.

About Westbridge Renewable Energy

Westbridge Renewable Energy Corporation specializes in the origination, development, and monetization of top-tier utility-scale solar PV projects across Canada, the U.S., the U.K., and Italy. With a strong management background and experience in developing over 40 projects globally, Westbridge is positioned to contribute significantly to the renewable energy landscape while offering value to its investors.