- Westbridge sells its 332 MW Sunnynook Solar Project in Alberta to METLEN Energy & Metals for CAD 41.4 million, using the funds to repay a CAD 18.4 million loan.
- METLEN strengthens its renewable energy portfolio with the Sunnynook project, which is expected to power over 50,000 homes in Alberta.
- Westbridge plans to sell three additional solar projects to METLEN, aligning with its strategy of developing and monetising renewable energy assets.
Westbridge Renewable Energy Corporation has completed the sale of its 332-megawatt (MW) Sunnynook Solar Project in Alberta to METLEN Energy & Metals. Westbridge owned 75% of the project and secured the deal after obtaining approvals from the Alberta Utilities Commission (AUC) and the TSX Venture Exchange (TSXV).
Located in Alberta’s Special Area 2, the Sunnynook project forms part of Westbridge’s large-scale renewable energy efforts in Canada. The sale generated CAD 41.4 million for Westbridge, which the company used to repay an 18.4 million loan from Leyline Renewable Capital, LLC.
Westbridge executed the transaction by selling all Sunnynook Solar Energy Inc. shares, the project’s operating entity. This sale marks Westbridge’s second major solar project deal within the last year, aligning with its strategy to develop and monetise renewable assets.
Luis Laguna, METLEN’s Regional Director for North America, hailed the acquisition as a significant step in expanding METLEN’s renewable energy footprint. The Sunnynook project, once operational, will generate electricity for more than 50,000 Alberta homes, supporting the province’s shift toward cleaner energy.
Westbridge continues holding three other solar projects in Alberta, which the company plans to sell to METLEN. Regulatory approvals are underway for these projects, and Westbridge expects to close each deal individually as conditions are met. This series of planned sales supports Westbridge’s strategy to capitalise on its assets and expand its reach into international markets.
Stefano Romanin, CEO of Westbridge, expressed excitement over the partnership’s success with METLEN. He highlighted Sunnynook’s advancement to a “ready-to-build” status and the recent authorisation of Westbridge’s 300 MW Dolcy Solar Project as evidence of the company’s strong growth in the North American solar market.
The Sunnynook deal showcases the rising demand for renewable energy projects in North America and reflects industrial players’ critical role in accelerating Canada’s energy transition.
METLEN views the Sunnynook project as a critical addition to its North American renewable energy portfolio. With this acquisition, METLEN aims to deepen its commitment to sustainable energy production and play a significant role in Canada’s clean energy future. The company sees projects like Sunnynook as crucial to meeting the growing demand for renewable energy.
For Westbridge, the successful sale of the Sunnynook project aligns with its core business model. The company remains focused on developing and selling renewable energy projects across established and emerging markets. With three additional projects set for sale to METLEN, Westbridge is well-positioned to continue expanding in the solar energy space.
This transaction highlights the ongoing shift towards renewable energy investments in North America and underlines the roles that companies like Westbridge and METLEN play in driving the energy transition forward.