Westbridge Renewable Energy, a Canadian energy corporation, has acquired the Red Willow Project, a 295 MWp solar photovoltaic (PV) and 100 MW/200 MWh battery energy storage system (BESS) in Canada. No financial details of the deal have been disclosed. Red Willow is presently in the second stage of the Alberta Electric System Operator (AESO) interconnection procedure and is situated in Stettler County #6 in central Alberta.
In addition, Westbridge submitted environmental and wildlife field studies to Alberta Environment and Parks in order to acquire a referral letter, which will be included in Red Willow’s request for permission of a power plant from the Alberta Utility Commission. The Red Willow project will be included in the company’s portfolio of renewable energy sources. In order to diversify and strengthen its current portfolio, Westbridge’s origination team is now assessing a number of new solar and battery storage development projects in Alberta, the US, and the UK.
Through accretive project monetisation and the retention of royalties where applicable, the team is focusing on maximising returns on its renewable energy assets. The company anticipates that this approach will enhance its long-term cash flow and create long-term value for shareholders. To date, the management of Westbridge has developed more than 40 projects in Canada, the US, and the UK. The company’s objective is to generate “attractive, long-term returns” by originating, executing, and developing renewable assets.
