Westbridge Announces the Origination of 250 MW Dolcy Solar PV Project and 100 MW Battery Storage System in Alberta
Westbridge Energy Corporation (TSXV: WEB, OTCQB: WEGYF) announced the addition of the Dolcy Solar and Battery Storage Project in Alberta, boosting its renewable energy portfolio. The Dolcy Project aims for a capacity of 250MWac solar and 100MW battery storage, complementing existing projects to reach a total of 1,285 MW. With secured site control over 1,025 acres, the project is progressing through interconnection processes and environmental studies. This development highlights Westbridge's capability to originate greenfield projects and positions the company for significant growth in the renewable energy market.
- Addition of Dolcy Project enhances portfolio, reaching total capacity of 1,285 MW.
- Secured long-term solar lease covering approximately 1,025 acres.
- Project currently progressing through AESO interconnection process and environmental studies.
- None.
Company surpasses goal of 1 GW in first year post-RTO
TORONTO, June 1, 2022 /PRNewswire/ - Westbridge Energy Corporation (TSXV: WEB) (OTCQB: WEGYF) (FRA: PUQ3) ("Westbridge" or the "Company") is pleased to announce the addition of the Dolcy Solar and Battery Storage Project ("the Dolcy Project"), located in the Municipality of Provost, in east-central Alberta, Canada, to its portfolio. The Project is targeting a total capacity of 250MWac solar photovoltaic and 100MW of Battery Energy Storage System ("BESS").
Stefano Romanin, CEO, commented, "With the addition of Dolcy to our portfolio, we now control four utility-scale solar PV development projects totalling 985 MW, and 300 MW of battery storage capacity for a total of 1,285 MW. This project complements our robust portfolio in Alberta, where we continue to see significant opportunities for origination and acquisitions, particularly as we progress the Georgetown solar project. The Dolcy Project confirms our ability to originate greenfield projects and allows the Company to surpass our 1GW target before the anticipated milestone of 12 months after RTO."
The Dolcy Project has secured site control in the form of a long-term solar lease covering approximately 1,025 acres with private landowners. It is currently in Stage 1 of the Alberta Electric System Operator (the "AESO") interconnection process, with environmental studies underway in accordance with Alberta Environment and Parks guidelines.
The Company's origination team continues to evaluate multiple solar and battery storage development projects to further scale and strengthen its portfolio, with a vision of maximizing the return on renewable energy assets through accretive project monetization and retention of royalties. This approach is expected to enhance long-term cashflow and build long-term shareholder value. The current portfolio of projects is listed below.
Project | Installed Capacity | Total Capacity | Location | Status |
Georgetown | 278 MWp Solar PV 100 MW BESS | 378 MW | Alberta | Stage 3 AESO |
Sunnynook | 236 MWp Solar PV | 336 MW | Alberta | Stage 2 AESO |
100 MW BESS | ||||
Dolcy | 250 MWac Solar PV | 350 MW | Alberta | Stage 1 AESO |
100 MW BESS | ||||
Accalia Point | 221 MWp Solar PV | 221MW | Texas | Development |
Westbridge Energy Corporation develops best-in-class solar PV projects. The Company plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.
On behalf of the Board of Directors,
Scott M. Kelly
Executive Chair & Director
Westbridge Energy Corporation
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company.
This news release contains forward-looking statements about the Dolcy Project, the expansion of the Company's solar PV portfolio, if at all, the need to obtain additional financing to develop the Company's solar PV projects, the uncertainty of meeting anticipated program milestones for the Company's solar PV projects and anticipated steps, timing and costs thereof, exits of projects, if any, the Company's objectives and strategies, the ability of the Company to achieve its goals, each of which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive, regulatory, policy and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's management's discussion and analysis dated March 29, 2022 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com.The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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SOURCE Westbridge Energy Corporation
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