On December 14, 2023, Westbridge Renewable Energy Corporation completed the sale of its Vulcan County, Alberta solar power plant project to a subsidiary of MYTILINEOS Energy & Metals.
The transaction was completed by way of the sale of all issued and outstanding shares of Georgetown Solar Inc. Westbridge received approximately $47.6 million at closing of the transaction where MYTILINEOS paid 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the project reaches commercial operations.
The transaction represents the first closing pursuant to the signing of the arms length definitive agreements as noted here.
Cassels acted for Westbridge.