Westbridge secures CAD$4,830,000 financing for Georgetown Solar PV and battery energy storage project.
Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (“Westbridge Renewable” or the “Company”) announce that its wholly-owned subsidiary, Georgetown Solar Inc. (“Georgetown”), has secured financing to fund its AESO contribution requirement for its flagship project, the Georgetown Solar + Energy Storage (the “Project”).
Pursuant to a loan agreement (the “Loan Agreement”) dated December 5, 2022 between the Company, Georgetown and Westbridge Investco, LLC (a lending entity established by Leyline Renewable Capital, LLC) (the “Lender”), Georgetown may borrow up to a maximum of the U.S. dollar equivalent of CAD$4,830,000 (the “Loan”).
Philip Stubbs, Westbridge Renewable CFO commented:
Leyline Renewable Capital is a leading provider of debt and equity for renewable energy development backed by a team with deep experience in renewable investing.
“Partnering with Leyline strategically bridges the gap between development and construction on our flagship project Georgetown Solar PV and has allowed us to fund the security payment for the Generating Unit Owner’s Contribution, and scale our business with non-dilutive capital. The project has recently received power plant and substation approval by the AUC1“.
The Loan is secured by a first priority security interest against the assets of Georgetown, bears interest at 12% per annum and matures 12 months from the date of the Loan Agreement.
About Westbridge Renewable Energy Corp.
Westbridge Renewable Energy Corp. develops best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada, the U.S., and the UK. Westbridge Renewable is focused on delivering attractive, long-term returns by identifying, originating, and developing a global portfolio of renewable assets for investors and utilities.
Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge Renewable provides its ESG minded investors with valuable access to greenfield solar projects.
This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge Renewable brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.
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Westbridge Secures CAD$4,830,000 Financing for Georgetown Solar PV and Battery Energy Storage Project, Toronto, December 7, 2022
