Westbridge Renewable Energy Named to 2024 OTCQX Best 50

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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.

TORONTO, Jan. 18, 2024 /PRNewswire/ - Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") is pleased to announce it 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 OTCQX Best 50 is an annual ranking of the top 50 U.S. and international companies traded on the OTCQX market.  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.  Companies in the 2024 OTCQX Best 50 were ranked based on their performance in 2023. 

This latest recognition by the OTCQX follows the closing of the 230MWac (278 MWdc) Georgetown project in December 2023 and previously announced share purchase agreements for the sale of Red Willow Solar Inc., Eastervale Solar Inc., Dolcy Solar Inc., and Sunnynook Solar Energy Inc. to Mytilineos Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) ("Mytilineos"). 

"2023 was a very successful year for the Company," said Scott M. Kelly, Executive Chairman, Westbridge Renewable. "The recent sale of the Company's Georgetown project to Mytilineos in December added more than $40 Million CAD ($30M USD) in non-dilutive cash to the Company's Balance Sheet. Our remaining Alberta projects, totaling over 1 GW of nameplate capacity, continue to progress towards ready to build status, at which point they will be sold to Mytilineos in terms of the previously announced definitive agreements. The Company is entering 2024 with a strong balance sheet and an impressive North American portfolio and an active and growing international development pipeline.  Thank you to Stefano Romanin, Maggie McKenna, Philip Stubbs and the entire management team for their exceptional performance in both 2022 and 2023 and to our many shareholders, partners and stakeholders for their tremendous support". 

For the complete 2024 OTCQX Best 50 ranking, visit https://www.otcmarkets.com/files/2024_OTCQX_Best_50.pdf. 

The OTCQX Best Market offers transparent and efficient trading of established, investor-focused U.S. and global companies. To qualify for the OTCQX market, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

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 on time and 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.

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SOURCE Westbridge Energy Corporation

FAQ

What is the ranking of Westbridge Renewable Energy Corp. in the 2024 OTCQX Best 50?

Westbridge Renewable Energy Corp. has been ranked as the eleventh top performing company of the OTCQX and named to the 2024 OTCQX® Best 50.

How is the OTCQX Best 50 ranking calculated?

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.

How much non-dilutive cash did the sale of the Georgetown project to Mytilineos add to the balance sheet?

The recent sale of the Georgetown project to Mytilineos added more than $40 Million CAD ($30M USD) in non-dilutive cash to the company's balance sheet.

What is the status of the remaining Alberta projects?

The remaining Alberta projects continue to progress towards ready to build status.

What is the company's outlook for 2024?

The company is entering 2024 with a strong balance sheet and an impressive North American portfolio and an active and growing international development pipeline.