On November 4, 2024, Westbridge Renewable Energy Corp. completed the sale of its 75% owned, Special Area 2, Alberta solar power plant project, with a capacity of up to 332MWp, to a subsidiary of METLEN Energy & Metals. The transaction was completed by way of the sale of all issued and outstanding shares of Sunnynook Solar Energy Inc.
Westbridge received $41.4 million at closing of the transaction, where METLEN paid approximately 3% of the estimated base purchase price at signing and 92% of the estimated purchase price at closing. The balance of the purchase price is to be paid when the project reaches commercial operations. The transaction represents the second closing of a portfolio of five projects to be sold to METLEN.
Cassels acted for Westbridge.