Westbridge Renewable Power has closed the sale of its 230 MW Vulcan County, Alberta solar energy plant undertaking to a subsidiary of MYTILINEOS Power & Metals, as introduced in early June.
The transaction was accomplished through the sale of all issued and excellent shares of Georgetown Photo voltaic. Westbridge glad the circumstances for the transaction, together with regulatory approvals from the Alberta Utilities Fee for the development, operation and interconnection of the undertaking to the Alberta Interconnected Electrical System and the TSX Enterprise Trade.
The corporate obtained C$47,564,002 at closing. MYTILINEOS paid 3% of the estimated base buy worth at signing, with 92% of the estimated buy worth paid at closing. The stability of the acquisition worth is anticipated to be paid when the undertaking reaches industrial operation.
“We’re delighted to announce the closing of the Georgetown Venture,” says Stefano Romanin, CEO and director of Westbridge. “This marks a pivotal milestone within the progress of our firm as it’s the firm’s first undertaking being monetized, realizing our strategic imaginative and prescient. It stands as a testomony not solely to our staff’s dedication however to the stable enterprise mannequin executed over the previous few years.”
“We’re thrilled to announce the profitable closing of the Georgetown Venture, an essential first step of entry into Canada,” provides MYTILINEOS’ Nikos Papapetrou. “Georgetown marks the closing of the primary of 5 Alberta initiatives strategically poised for development in direction of industrial vitality manufacturing.”
Westbridge continues to retain possession and is constant to advance the initiatives of every of its different subsidiaries.
