Leyline Closes Its First International Loan with Westbridge Renewable Energy Corporation
Leyline Renewable Capital has successfully closed its first international loan with Westbridge Renewable Energy Corp. to fund a 278 MW solar project in southern Alberta. The loan, valued at up to $4.83 million CAD, will assist in meeting security deposit requirements for the Georgetown Solar project. Leyline's CEO emphasized the partnership as a pivotal step into new markets, supporting the shift from fossil fuels to renewable sources in Alberta, which is traditionally reliant on non-renewable energy.
- Leyline closed its first international loan, indicating expansion into new markets.
- The loan supports the Georgetown Solar project, which received approval from the Alberta Utilities Commission.
- None.
Leyline's Bridge Capital financing will support the construction of a 278 MW solar project in southern Alberta
DURHAM, N.C., Dec. 12, 2022 /PRNewswire/ -- Leyline Renewable Capital, a leading provider of flexible capital solutions for renewable energy developers, today announced it closed its first international loan with developer Westbridge Renewable Energy Corp., a Canadian renewable energy company listed on the TSX Venture Exchange (TSXV: WEB) and the OTCQX Best Market (OTCQX: WEGYF). The loan will support the 278 MW Georgetown Solar project in southern Alberta. Georgetown may borrow up to a maximum of the U.S. dollar equivalent of
"This partnership with Westbridge Renewable represents an important step for Leyline as we venture into new markets," said Erik Lensch, CEO of Leyline. "We are eager to support strong developers like Westbridge Renewable with projects in regions like Alberta that have been historically dominated by fossil fuels, but are shifting toward and very supportive of renewable energy."
The Georgetown Solar project is located in Vulcan County, Alberta on 710 acres of privately owned, non-agricultural land. Westbridge will use the loan to satisfy a security deposit requirement with the Alberta Electricity System Operator.
"Leyline Renewable Capital is a leading provider of debt for renewable energy development, backed by a team with deep experience in renewable investing. Partnering with Leyline strategically bridges the gap between development and construction on our flagship project Georgetown Solar PV. This loan allows us to fund the security payment for the Generating Unit Owner's Contribution and scale our business with non-dilutive capital. The Georgetown Solar project has recently received power plant and substation approval by the Alberta Utilities Commission (AUC)," said Westbridge Renewable chief financial officer, Philip Stubbs.
Leyline Renewable Capital invests in the development, construction, and financing of sophisticated renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that bridges the gap between development and construction. By investing in the pre-construction phase of renewable energy projects, Leyline can accelerate the development process and help developers scale their business. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.
Westbridge Renewable Energy Corp. is a Canadian renewable energy company listed on the TSX Venture Exchange (TSXV: WEB), the OTCQX Best Market (OTCQX: WEGYF) and the Frankfurt Stock Exchange (FRA: PUQ). The Company is currently developing a portfolio of utility-scale solar PV (photovoltaic) projects and Battery Energy Storage Systems in Canada, the U.S., and the UK. Westbridge Renewable is focused on delivering attractive, long-term growth by identifying, originating, and developing a global portfolio of renewable assets in safe jurisdictions that support net-zero mandates. The Company's senior management team has a successful trajectory of previously developing more than 40 projects worldwide, consistently obtaining and executing permits for projects on time and within budget.
As one of the very few listed pure-play public solar development companies, Westbridge Renewable provides ESG minded investors with exposure to greenfield solar and energy storage projects, with the potential of strong returns. Through its de-risking model of adding incremental value before a single solar panel is installed, Westbridge Renewable turns green fields and the power of the sun into a reliable, sustainable flow of energy - growing in value with every stage of a solar project from origination to exit.
For more information, please visit www.westbridge.energy
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SOURCE Leyline Renewable Capital
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