Westbridge Renewable Energy Corp. Announces Five New Stand-Alone Battery Energy Storage Projects in Alberta

Rhea-AI Summary

Westbridge Renewable Energy Corp. (WEGYF) has announced five new stand-alone Battery Energy Storage System (BESS) projects in Alberta, Canada, adding 539 MWh of battery storage capacity to its portfolio. Each project has secured site control, completed environmental permitting feasibility studies, and confirmed interconnection applications in AESO's cluster two process.

The company's development portfolio has expanded more than 30 times since its public listing, reaching approximately 9.5 GW across 22 projects in Canada, the United States, the U.K., and Europe. Additionally, Westbridge granted 930,000 Stock Options at $0.85 per Common Share and up to 3,720,000 Common Shares through RSUs and PSUs to management and directors.

The company maintains a positive outlook for 2025, citing improving macro conditions, renewable energy growth, emerging energy storage markets, improving project economics, and increasing hyperscaler PPA market capacity driven by AI demand.

Positive

• Addition of 539 MWh battery storage capacity through five new BESS projects
• Portfolio growth to 9.5 GW across 22 projects in four countries
• All new BESS projects have secured site control and completed key preliminary studies

Negative

• None.

CALGARY, AB, Jan. 15, 2025 /PRNewswire/ - Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") is pleased to provide an update of its development portfolio, as well as announcing the grant of new Stock Options ("Options"), Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs").

Westbridge announces five new Alberta BESS projects, adding more than 500 MWh capacity to the development portfolio

The Company is pleased to announce five additional stand-alone BESS (Battery Energy Storage System) projects located in Alberta, Canada (the "BESS Projects"). Each of the BESS Projects has site control, environmental permitting feasibility studies completed, and interconnection applications confirmed in the AESO's cluster two interconnection process. In aggregate, these projects add 539 MWh of battery storage capacity to our international development portfolio.

The Company's development portfolio has grown more than 30 times since public listing and is now approximately 9.5 GW across 22 projects, with diversified activity in four countries: Canada, the United States, the U.K. and Europe.

The Company is determined to further strengthen its market position and commitment to leading energy development in Canada.

New Stock Options and Restricted Stock Units

The Company granted Stock Options to purchase 930,000 Common Shares of the Company to management and directors of the Company on January 14, 2025.  The Options are exercisable at a price of $0.85 per Common Share and vest one year from the date of grant.

The Company also granted Restricted Stock Units ("RSUs") and Performance Stock Units ("PSUs") representing the right to receive up to an aggregate 3,720,000 Common Shares to management and directors of the Company, subject to the satisfaction of certain vesting conditions.

All Options and RSUs were granted pursuant to the Company's Omnibus Long-term Incentive Plan, approved by shareholders on December 14, 2023, and are subject to the terms of the applicable agreements and regulatory approval of the TSX Venture Exchange.

Market Update
In 2025, we maintain a positive outlook across a number of key dynamics:

• Improving macro tailwinds including; US regulatory easing and positive growth, slowing US and European inflation and further interest rate cuts¹;
• Renewables are positioned for significant growth in 2025, driven by increased demand, government support, and corporate commitments²,
• The energy storage market is emerging as a vital component for integrating renewable energy and the need for grid stability. Driving significant growth for battery electric storage systems in 2025²,
• Project economics are improving as a result of lower costs, and supportive PPAs within the broader renewable energy industry²;
• Hyperscalers are likely to continue to dominate PPA market capacity as AI demand continues to increase²,
• Continuing portfolio growth, which now stands at 22 projects in 4 countries;
• Growing positive, long-term relationships with stakeholders, landowners, counties, and identifying opportunities for investment in the communities in which our projects are located;
• A strong balance sheet providing additional capital to drive growth.

1.        Macro Outlook 2025: Tailwinds (Probably) Trump Tariffs – Goldman Sachs

2.        Energy Outlook 2025 – Bird & Bird

About Westbridge Renewable Energy Corp.
Westbridge originates, develops, operates and monetizes best-in-class, utility-scale solar PV projects, stand-alone battery energy storage projects and other clean energy-focused development. The Company has a portfolio of projects in four key jurisdictions: Canada, the U.S., the U.K. and Italy. Westbridge delivers attractive, long-term returns by originating and developing an international portfolio of renewable energy assets to support increasing demand for energy and grid reliability. Management brings a strong track-record with a cumulative 40+ development projects worldwide. As one of very few listed, pure-play international solar and BESS development companies, Westbridge provides investors with access to greenfield solar and energy storage projects at the earliest stage of development, allowing then to benefit from the full development value chain. Westbridge aims to deliver clean, sustainable electricity and energy storage solutions to support increasing electricity demand and grid reliability in the jurisdictions in which it operates.

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, expected permitting, approvals, anticipated satisfaction of the licensing conditions, including financing to develop and complete the BESS Projects and the timing thereof,  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, including development and completion of the BESS Projects, as there is no assurance the BESS Projects will be completed as planned or at all and the development of its project development pipeline. 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, risks related to general business, economic, political and social uncertainties, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's annual information form dated August 14, 2024 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

How many MWh of battery storage capacity did Westbridge (WEGYF) add with its new Alberta projects?

Westbridge added 539 MWh of battery storage capacity through five new BESS projects in Alberta.

What is the current size of Westbridge's (WEGYF) development portfolio as of January 2025?

Westbridge's development portfolio has grown to approximately 9.5 GW across 22 projects in four countries.

What was the exercise price for Westbridge's (WEGYF) new stock options granted in January 2025?

The stock options were granted at an exercise price of $0.85 per Common Share.

How many RSUs and PSUs did Westbridge (WEGYF) grant in January 2025?

Westbridge granted RSUs and PSUs representing the right to receive up to 3,720,000 Common Shares.

In which countries does Westbridge (WEGYF) currently have development projects?

Westbridge has projects in Canada, the United States, the U.K., and Europe.