Westbridge Renewable Announces European Expansion with the Origination of Two Solar Projects in Italy with a Combined Capacity of 62MW

Rhea-AI Summary

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.

Company now active in Canada, the US, the UK and Italy

TORONTO, Feb. 1, 2024 /PRNewswire/ - Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") is pleased to announce the origination of two new projects in Europe, comprised of the Gierre Solare Project, located in Lazio, Italy, and the NM Solare Project, located in Lazio and Umbria, Italy, expanding the Company's continuously growing portfolio into Europe.

The projected capacity of Gierre Solare Project is 32MW Solar PV and 30MW for the NM Solare Project. Both projects have secured land and grid access, completed feasibility studies, and planning applications are in progress.

Stefano Romanin, Director and Chief Executive Officer, commented, "Italy is a strong market with a favourable long-term outlook, poised to be one of the leading renewable energy markets in Europe. Westbridge will leverage the team's experience and proven track record in developing renewable projects in Italy. Diversifying our presence across Europe strengthens our portfolio and opens new avenues in another renewable forward jurisdiction. This strategic expansion underscores the diligence of our origination team evaluating development opportunities across diverse jurisdictions, bolstering the sustainability and success of our origination-to-monetization model." Stefano Romanin added, "The recent sale of Georgetown Solar has strengthened Westbridge's capabilities to expand the project pipeline and to fuel the Company's growth strategy, in addition to delivering value to all Westbridge shareholders."

The European expansion of the Company's global solar portfolio and future development plans for its Italian projects follow the successful sale of the 230MWac (278 MWdc) Georgetown Solar project for $47,564,002 received at closing on December 13, 2023 to a subsidiary of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) as previously announced:

https://www.westbridge.energy/westbridge-renewable-announces-closing-of-278-mwp-alberta-georgetown-project-sale-to-mytilineos/ 

About Westbridge Renewable Energy

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada, the U.S., and the UK. Westbridge 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 within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded 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.

For more information, please visit: www.westbridge.energy | Twitter | LinkedIn 

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, the expected MW capacity of the Gierre Solare Project and the NM Gierre Solare Project (the "Projects"), management's business strategy, and 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, MW capacity, development of the Projects, and ability to monetize the Projects. 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. 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 risks and uncertainties relating to Company's ability to complete licensing requirements, 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, 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 30, 2023 and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. 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

FAQ

What new projects has Westbridge Renewable Energy Corp. (WEGYF) originated in Europe?

Westbridge Renewable Energy Corp. (WEGYF) has originated two new projects in Europe, the Gierre Solare Project and the NM Solare Project, both located in Lazio and Umbria, Italy.

What is the projected capacity of the Gierre Solare Project and the NM Solare Project?

The projected capacity of the Gierre Solare Project is 32MW Solar PV, and the projected capacity of the NM Solare Project is 30MW.

Who commented on the strategic expansion into Italy?

Stefano Romanin, the Director and CEO of Westbridge Renewable Energy Corp. (WEGYF), commented on the strategic expansion into Italy.

What has strengthened Westbridge's capabilities for its growth strategy?

The recent sale of the Georgetown Solar project has strengthened Westbridge's capabilities for its growth strategy.

Who is the buyer of the Georgetown Solar project?

The Georgetown Solar project was sold to a subsidiary of MYTILINEOS Energy & Metals.