Westbridge Renewable Energy (Westbridge), a Canada-based solar project developer, announced that it closed the sale of its 75%-owned 332 MWp Sunnynook solar project in Alberta. A subsidiary of METLEN Energy & Metals, formerly known as Mytilineos, acquired the solar project.
The Sunnynook project is the second to reach the ready-to-build stage in 2024. METLEN will build the solar project.
The transaction was completed by selling all the issued and outstanding shares of Sunnynook Solar Energy after Westbridge received regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the project to the Alberta Interconnected Electric System and the TSX Venture Exchange.
Westbridge received C$41,440,385 (~$29.9 million) at closing. METLEN paid 92% of the estimated purchase price at the closing and approximately 3% of the estimated base purchase price at the signing. The remaining amount will be paid once the project reaches commercial operations.
Luis Laguna, Regional Managing Director, North America – METLEN Energy & Metals, stated, “We are excited to take this important step with the closing of the Sunnynook Project, marking a significant milestone for METLEN in the Canadian market. This project aligns with our strategic goal to expand our renewable energy footprint across North America and reinforces our commitment to deliver sustainable, clean energy. We look forward to continued success with Westbridge and building on our strong momentum in the sector.”
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, 166 project acquisitions totaling 28.3 GW were transacted in 9M 2024 compared to the same number of project acquisitions totaling 31.6 GW in 9M 2023.
Last month, Qcells, a utility-scale solar and energy storage project developer and solar EPC provider, announced the sale of Ursa Solar Project (formerly known as Langdon Mills Solar), with a total capacity of 200 MW, to We Energies, Wisconsin Public Service Corporation (WPS), and Madison Gas and Electric Company (MGE).
