Westbridge Expands Alberta Footprint with Acquisition of 236 MW Sunnynook Solar PV Project and 100 MW of Battery Energy Storage System

Rhea-AI Summary

Westbridge Energy Corporation (TSXV: WEB) has acquired a 75% controlling interest in Sunnynook Solar Energy Inc., which is developing a new 236 MWdc solar photovoltaic project and a 100 MW Battery Energy Storage System (BESS) in Alberta, Canada. This acquisition increases Westbridge's total solar capacity to 514 MWdc and demonstrates its ability to secure utility-scale development assets. The project will create jobs and provide renewable energy while utilizing advanced technologies to mitigate solar power intermittency. Westbridge aims to reach 1 GW of development assets in its first year post-RTO.

Positive

• Acquisition of 75% in Sunnynook Solar Energy enhances Westbridge's capacity by 236 MWdc.
• Total solar capacity increased from 278 MWdc to 514 MWdc.
• Projected job creation and local economic benefits from the project.
• Utilization of advanced battery storage to optimize solar energy usage.
• On track to achieve 1 GW in development assets within the first operational year.

Negative

• None.

VANCOUVER, BC, Dec. 6, 2021 /PRNewswire/ -- Westbridge Energy Corporation (TSXV: WEB) ("Westbridge" or the "Company") is pleased to announce that it has acquired a 75% controlling interest in Sunnynook Solar Energy Inc. ("Sunnynook"), which is developing a new 236 MWdc solar photovoltaic and 100 MW of Battery Energy Storage System ("BESS") project located in Sunnynook, Alberta, Canada (the "Project"), pursuant to a definitive agreement dated November 30, 2021 (the "Agreement").

The Project has secured site control in the form of a long-term solar lease covering approximately 940 acres. 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 acquisition of Sunnynook significantly expands Westbridge's footprint in Alberta from 278 MWdc to 514 MWdc and further demonstrates the Company's ability to originate and acquire utility-scale development assets in leading jurisdictions for solar project development. This acquisition confirms Westbridge's position as one of the largest, fastest-growing solar PV developers in Canada by MW," said Maggie McKenna, Chief Operating Officer and Director. "The Sunnynook project will provide clean, renewable energy to Albertans and benefit the local economy by creating new jobs in a fast-growing industry."

Westbridge CEO, Stefano Romanin, added, "Sunnynook will employ leading-edge technologies, pairing solar PV generation with an advanced battery energy storage system, mitigating the intermittency of solar power."

Westbridge now controls three utility-scale solar PV development projects totalling 735 MW, including two Alberta solar PV projects and the recently announced 221 MW development project in Accalia Point, Texas. The Company has also initiated two BESS projects in Alberta which could add an additional 200MW of battery storage capacity.

The Company is very pleased to report on progress to date and is on track to meet or exceed management's target of 1 GW of development assets in the first year of operations post RTO.

Westbridge 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.

On behalf of the Board of Directors,

Scott M. Kelly
Executive Chair & Director
Westbridge Energy Corporation
+1-604-687-7767
skelly@westbridge.energy
www.westbridge.energy

Forwad-Looking Statements

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SOURCE Westbridge Energy Corporation

FAQ

What is the significance of Westbridge's acquisition of Sunnynook Solar Energy Inc. on December 6, 2021?

The acquisition allows Westbridge to control 75% of a new 236 MWdc solar project, increasing its total capacity in Alberta.

How much energy will the Sunnynook project generate?

The project is expected to have a capacity of 236 MWdc alongside a 100 MW Battery Energy Storage System.

What impact does the Sunnynook acquisition have on Westbridge's market position?

It positions Westbridge as one of Canada's largest solar PV developers, expanding its capacity significantly.

What are the future plans for Westbridge Energy following the Sunnynook acquisition?

Westbridge aims to achieve 1 GW of development assets in its first operational year post-RTO, continuing to evaluate further solar and battery storage projects.

When was the acquisition agreement for Sunnynook Solar Energy signed?

The definitive agreement for the acquisition was signed on November 30, 2021.