#Canada #Renewable Energy #Calgary #Westbridge #Alberta

Westbridge Renewable Energy Expands Its Project Portfolio

Westbridge Renewable Energy Corp. (TSXV: WEB) has recently made a significant announcement regarding its expansion in the renewable energy sector. The company is set to initiate five new stand-alone Battery Energy Storage Systems (BESS) projects in Alberta, Canada, aiming to add more than 500 MWh to its development portfolio.

Details of the New Projects

These new projects, located within the vibrant renewable energy landscape of Alberta, are already equipped with site control and have successfully completed environmental feasibility studies. Additionally, the necessary interconnection applications have been confirmed through the Alberta Electric System Operator (AESO) cluster two interconnection process. In total, the addition of these five BESS projects will contribute an impressive 539 MWh of energy storage capacity to Westbridge's already extensive portfolio.

This expansion marks a momentous growth for Westbridge, which has seen its development portfolio expand by over 30 times since its public listing. It now boasts a capacity of approximately 9.5 GW distributed across 22 projects located in four key regions: Canada, the United States, the United Kingdom, and Europe. The company’s strategic focus on energy storage reflects its commitment to addressing the growing demand for renewable energy and ensuring grid reliability.

Strengthening Market Position

Westbridge is determined to solidify its position as a leader in energy development within Canada. Alongside the announcement of new projects, the company granted options for new Stock Options, Restricted Stock Units (RSUs), and Performance Stock Units (PSUs) to its management and directors. On January 14, 2025, the company authorized stock options for the purchase of 930,000 Common Shares at a price of $0.85, which will vest over the coming year. Furthermore, a total of 3,720,000 Common Shares will be available subject to certain vesting conditions.

Positive Market Outlook

Looking ahead, Westbridge embraces a positive outlook for 2025 across multiple dimensions. Analysts note significant improvements in macroeconomic conditions, such as easing US regulations, decreasing inflation in both the US and Europe, and anticipations of further interest rate cuts. These factors create an ideal environment for the renewable energy sector to thrive.

In particular, the energy storage market is poised to become increasingly vital for integrating renewable energy sources, as well as ensuring the stability of the electrical grid. With battery electric storage systems projected to experience substantial growth in 2025, Westbridge is strategically positioned to capitalize on these trends.

Additionally, improved project economics due to lower installation costs and favorable Power Purchase Agreements (PPAs) are driving investments in renewable energy projects. As demand for energy continues to grow, especially from hyperscalers influencing the PPA market capacity, Westbridge is optimistic about enhancing its existing relationships with stakeholders and communities.

About Westbridge Renewable Energy Corp.

Westbridge Renewable Energy Corp. focuses on the origination, development, operation, and monetization of exceptional solar PV projects and battery energy storage systems. The company is recognized for delivering sustainable energy solutions while generating attractive long-term returns for stakeholders. With a wealth of experience, the management team at Westbridge has completed over 40 projects across various jurisdictions, reflecting their commitment to renewable energy development.

In conclusion, Westbridge’s ambitious plans to enhance its energy storage capabilities through these new projects not only signify growth for the company but also represent a broader trend towards sustainable energy solutions. As it continues to navigate the evolving energy landscape, Westbridge stands ready to meet the demand for clean and reliable energy in the years to come.