Greek giant corporation Mytilineos announced today that it has entered into definitive agreements for the purchase by Mytilineos’ M Renewables of a portfolio of five solar projects located in Alberta, Canada, from Westbridge Renewable Energy Corp, a utility-scale solar PV development Company, with anticipated aggregate capacity of 1.4 GW upon commercial operation. The huge investment worths 1.16 billion euros!
The transaction is to be completed by way of a share purchase by Mytilineos of all of the issued and outstanding shares of the following subsidiaries of Westbridge.
This is the first transaction by Mytilineos in North America, following its international strategy to seek opportunities in countries and areas with high commercial interest and business-friendly environments. Notably, Canada recently announced the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit which may provide a refundable tax credit of up to 30% on the eligible capex of certain energy generation projects produced from renewable sources to support the Green Transition in all Canadian provinces. The capex investment for the Projects includes this 30% tax credit from the Canadian government (up to CAD $ 430 million based on the estimated eligible capex of the projects).
Mytilineos strategically entered the renewables market more than eight years ago and is now considered a top integrated developer worldwide in the whole range of solar, storage and wind projects. Its global RES portfolio consists of 10.5 GW of projects in different jurisdictions (in Europe, Asia, Australia, South America, and North America) and various stages of development. Upon completion of the Transaction, total capacity of its global RES portfolio is anticipated to exceed 11.9 GW.
Today’s announcement marks the first portfolio monetisation for Westbridge, demonstrating its proven and effective business model. This extraordinary achievement was realised within two years of the company’s reverse take-over (“ RTO”) listing in June 2021.
The sale of the current Alberta portfolio underscores the Westbridge team’s meticulous planning, diligent execution, and deep understanding of market dynamics. Westbridge recognised the strong potential of Alberta to become a significant jurisdiction for solar development. By garnering critical mass in the province and partnering with Mytilineos, Westbridge has demonstrated its value and will play an important role in Canada’s transition to net-zero.
Looking ahead, Westbridge remains steadfast in its commitment to delivering value and fostering innovation. As it builds upon its track record, the company will continue to advance its portfolio, originate new opportunities, and forge strategic partnerships that will further reinforce the Company’s position as a market leader.
Commenting on the Transaction, the Chairman and CEO of Mytilineos, Evangelos Mytilineos, said:
“ It is a great satisfaction and pleasure to announce the acquisition of a package of five solar projects in the province of Alberta Canada, with an aggregate anticipated capacity of 1,410 MW, from Westbridge, with whom we had extensive, yet fruitful and positive negotiations.
True to its policy of expanding its Renewables business internationally, Mytilineos has taken early advantage of the incentives that the Canadian government is granting to new renewable developments and decided to proceed with the investment, the biggest so far of the Energy Business Unit in the history of Mytilineos”.
Stefano Romanin, CEO and Director of Westbridge Renewable commented:
“ We are thrilled to announce the definitive sale agreements for our Alberta portfolio, which not only proves our business model, but solidifies the value of our entire platform.
I would like to thank our team for their hard work and dedication, resulting in our status as one of the largest solar PV developers in Canada within two years of our RTO, and attracting a multinational investor like Mytilineos to acquire, construct, and operate the projects. To the team at Mytilineos, we are grateful and confident in your trust.”
[AMNA]
