Westbridge Renewable Energy has closed the sale of its 75% owned, Special Area 2, 332 MW Alberta solar power plant project to a subsidiary of METLEN Energy & Metals for CA$41 million.
The transaction was completed by way of the sale of all the issued and outstanding shares of Sunnynook Solar Energy. Westbridge satisfied the conditions for the transaction, including regulatory approvals from the Alberta Utilities Commission (AUC), for the construction, operation and interconnection of the project to the Alberta Interconnected Electric System and for the TSX Venture Exchange.
METLEN paid approximately 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.
Westbridge repaid CA$18,405,650 from the proceeds of the transaction, owing under its loan facilities secured by the project and the shares of Sunnynook, provided by lending entities established by Leyline Renewable Capital.
Westbridge continues to retain ownership and is continuing to advance the projects of the three other wholly-owned Alberta subsidiaries which are also subject to the previously announced share purchase agreements with METLEN. The sale of the shares of each SPV is not conditional on the sale of the shares of any other of the SPVs.
“We are delighted to announce the closing of the Sunnynook Project,” says Stefano Romanin, CEO and director of Westbridge Renewable.
“This marks another significant milestone for Westbridge: it is our second utility-scale project monetized in the last 12 months, and it is also our second project advanced to ‘ready-to-build’ in Alberta. We have strong momentum in the three further projects committed for sale to METLEN and recently received AUC approval for the 300 MW Dolcy Solar Project.”
The post Westbridge Renewable Sells Alberta Sunnynook Project to METLEN appeared first on Solar Industry.
Renewable Energy
Raw Stupidity: Yet One More Reason that Trump Must Go
From the Huffington Post:
A senior FBI officer struggled to answer basic questions about antifa, despite characterizing the organization as “the most immediate violent threat” the US faces.
At a House Committee on Homeland Security hearing on Thursday, Michael Glasheen, operations director of the national security branch of the FBI, said he agreed with President Donald Trump that antifa is one of the greatest national security threats to the country.
The answer, of course, is that “Antifa” is a concept, not an organization. It refers to anyone who is against fascism. It has no headquarters, no leaders, and no members.
Now, it is true that people with these views can be violent. When my father led a crew of his fellow anti-fascists, flying a B-17 bomber in World War 2, they completed 29 successful missions, destroying Nazi oil refineries. Were Nazi soldiers killed in the process? I never asked him that, and he probably didn’t know, as they were flying at 29,000 feet, but it seems extremely unlikely that no one died.
In peacetime, we antifa people are non-violent. We may be marching for BLM, or encouraging the use of science in policymaking, or expressing our view that the United States should not have a king.
The FBI must understand this; they must be saying this purely to placate Trump. No one can be that stupid.
Renewable Energy
Hydrokinetics Gone Awry
When I came across the meme at left, I was instantly reminded of a guy who called me from Baltimore, MD about 15 years ago, anxious for me to hunt up investors in an invention he had created. I was having a hard time understanding the concept he was describing, and so he told me, “Think of it as a river in a box.”
“Ah! Now I get it. You have a box full of standing water. You add energy to it to get it moving, and then our extract energy from the moving water. And you think that you can extract more energy than you put into it.”
“Yes!” he said excitedly.
I calmly told him that this violates the laws of physics, specifically the first and second laws of thermodynamics, but he wasn’t “having it.” I wished him a pleasant good night and asked him to let me know when he had built a working prototype.
I’m still hoping to hear from him again.
Renewable Energy
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