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.
At left we have John Fetterman talking to people so stupid they’ll believe that it would have been wrong for the British colonists to oppose King George III in the late 18th Century, or for the people of Germany and Italy in the 1930s to stand up against Hitler and Mussolini. What about the people in today’s dictatorships, i.e., the people in Russia, China, North Korea, or any of the other 50+ authoritarian regimes around the world?
Morons tend to agree with the loudest, most aggressive voice of nationalism, regardless of how little sense it makes.
It’s a great moment of opportunity for Fetterman.
Seminal astrophysicist Carl Sagan explains why uncomfortable ideas may be banned in religion, they must not be shunned in science.
This is an important concept in American life today, as conspiracy theorists are convinced that climate change denial cannot be considered in scientific circles.
I happened to bring this up in my interview with Dr. V. Ramanathan of the Scripps Institution, who has been amassing data on global warming since the 1970s. He laughed, and explained, “If I could prove that human activity was not causing temperatures to rise, I’d be be one of the wealthiest and most famous scientists in world history.”
As suggested at left, a great deal of the hardship that has befallen the U.S. was simply bad luck. Al Gore came within a whisker of victory in 2000, a win that would have forever changed the course of our nation in terms of energy policy, education, healthcare, and international affairs.
If Bernie had become the 2016 nominee, we wouldn’t have had Hillary Clinton telling our country’s most mean-spirited and least-educated people that they were “deplorables,” ushering a criminal sociopath into the White House.
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