Westbridge Renewable Energy Corp - WEGYF STOCK NEWS

Westbridge Renewable Energy Corp. (WEGYF) expands its portfolio into Europe with the origination of two new solar projects in Italy, Gierre Solare Project and NM Solare Project, with a projected capacity of 32MW Solar PV and 30MW, respectively. The company's CEO, Stefano Romanin, emphasizes the strategic expansion into Italy, a strong market with a favorable long-term outlook for renewable energy. The recent sale of Georgetown Solar has strengthened the company's capabilities to expand its project pipeline and fuel its growth strategy.

Westbridge Renewable Energy Corp. (WEGYF) has been ranked as the eleventh top performing company of the OTCQX and named to the 2024 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year. The ranking is calculated based on an equal weighting of one-year total return and average daily dollar volume growth in the previous calendar year. The company's recent sale of the Georgetown project to Mytilineos added more than $40 Million CAD ($30M USD) in non-dilutive cash to the balance sheet, and the remaining Alberta projects continue to progress towards ready to build status. The company is entering 2024 with a strong balance sheet and an impressive North American portfolio and an active and growing international development pipeline.

Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) has closed the sale of its Vulcan County, Alberta solar power plant project with a capacity of up to 230MWac (278 MWdc) to a subsidiary of MYTILINEOS Energy & Metals. The company received C$47,564,002 at closing of the Transaction and continues to advance the projects of each of its other subsidiaries. MYTILINEOS paid 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the Project reaches commercial operations.

Westbridge Renewable Energy Corporation provides an update on its transactions and renewable energy projects. The company has entered into definitive agreements for the purchase of several solar power plants in Alberta. The projects have obtained approval from the Alberta Utilities Commission, and the transactions are expected to close in 2024 and 2025. The company also provides an update on its projects in Texas and the UK.

Westbridge Renewable Energy Corporation (TSXV: WEB, OTCQX: WEGYF) applauds the Canadian Federal Government's Budget 2023, which emphasizes clean energy and net-zero goals. The budget allocates $20.9 billion for Investment Tax Credits to support green technologies, including solar and wind energy. Highlights include a 30% refundable tax credit for solar projects available from March 28, 2023 to 2034, and a commitment to transition the national electricity grid to net-zero by 2035. CEO Stefano Romanin noted Canada requires $150 billion to achieve its 2050 emissions targets. Westbridge aims to leverage these initiatives to bolster its growth in Alberta.

Westbridge Renewable Energy Corporation (TSXV: WEB, OTCQX: WEGYF) announced the granting of stock options for 3,255,000 common shares to management, directors, and consultants, including 1,905,000 to directors and officers. The options, priced at $0.75 per share, expire in five years and vest in tranches. Additionally, 625,000 restricted share units (RSUs) were awarded, with 525,000 to directors and officers, contingent on certain vesting conditions. This initiative aims to align the interests of stakeholders and enhance long-term performance in renewable energy projects across Canada, the U.S., and the UK.