Company now active in Canada, the US, the UK and Italy
TORONTO, Feb. 1, 2024
/CNW/ - Westbridge Renewable Energy Corp. (TSXV: WEB)
(OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable"
or the "Company") is pleased to announce the origination of
two new projects in Europe,
comprised of the Gierre Solare Project, located in Lazio, Italy, and the NM Solare Project,
located in Lazio and Umbria, Italy, expanding the Company's
continuously growing portfolio into Europe.
The projected capacity of Gierre Solare Project is 32MW Solar PV
and 30MW for the NM Solare Project. Both projects have secured land
and grid access, completed feasibility studies, and planning
applications are in progress.
Stefano Romanin, Director and
Chief Executive Officer, commented, "Italy is a strong market with a favourable
long-term outlook, poised to be one of the leading renewable energy
markets in Europe. Westbridge will leverage the team's experience
and proven track record in developing renewable projects in
Italy. Diversifying our presence
across Europe strengthens our
portfolio and opens new avenues in another renewable forward
jurisdiction. This strategic expansion underscores the diligence of
our origination team evaluating development opportunities across
diverse jurisdictions, bolstering the sustainability and success of
our origination-to-monetization model." Stefano Romanin added, "The recent sale of
Georgetown Solar has strengthened Westbridge's capabilities to expand the
project pipeline and to fuel the Company's growth strategy, in
addition to delivering value to all Westbridge shareholders."
The European expansion of the Company's global solar portfolio
and future development plans for its Italian projects follow the
successful sale of the 230MWac (278 MWdc) Georgetown Solar project
for $47,564,002 received at closing
on December 13, 2023 to a subsidiary
of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg:
MYTIL.GA, ADR: MYTHY US) as previously announced:
https://www.westbridge.energy/westbridge-renewable-announces-closing-of-278-mwp-alberta-georgetown-project-sale-to-mytilineos/
About Westbridge Renewable
Energy
Westbridge Renewable Energy Corp. originates, develops, and
monetizes 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 plans to deliver
attractive, long-term returns by originating, executing, and
developing an international portfolio of renewable assets for
investors and utilities. Management has a strong track-record with
40+ projects developed worldwide, obtaining, and executing permits
within budget. As one of the very few listed pure-play Canadian
solar development companies, Westbridge 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 brings together
regulators, corporate buyers, and landowners with the goal of
delivering clean, sustainable electricity to end users.
For more information, please visit: www.westbridge.energy |
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Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking
Statements
Certain information set forth in this document contains
forward-looking information and statements including, without
limitation, the expected MW capacity of the Gierre Solare Project
and the NM Gierre Solare Project (the "Projects"), management's
business strategy, and management's assessment of future plans and
operations. Such forward-looking statements or information are
provided for the purpose of providing information about
management's current expectations and plans relating to the future,
MW capacity, development of the Projects, and ability to monetize
the Projects. Forward-looking statements or information typically
contain statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project",
"potential" or similar words suggesting future outcomes or
statements regarding future performance and outlook. Readers are
cautioned that assumptions used in the preparation of such
information may prove to be incorrect. Events or circumstances may
cause actual results to differ materially from those predicted as a
result of numerous known and unknown risks, uncertainties and other
factors, many of which are beyond the control of the Company.
Although the Company believes that the expectations reflected in
these forward-looking statements are reasonable, undue reliance
should not be placed on them as actual results may differ
materially from the forward-looking statements. Factors that could
cause the actual results to differ materially from those in
forward-looking statements include risks and uncertainties relating
to Company's ability to complete licensing requirements, general
business, economic, competitive, regulatory, policy and social
uncertainties, and availability of permits and financing upon terms
acceptable to the Company or at all. Applicable risks and
uncertainties include, but are not limited to regulatory risks,
changes in laws, market risks, operating history, competition, and
the other risks identified under the headings "Risk Factors" in the
Company's management's discussion and analysis dated March 30, 2023 and other disclosure documents
available on the Company's profile on SEDAR+
at www.sedarplus.ca. The forward-looking statements contained
in this press release are made as of the date hereof, and the
Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, except as required by
law.
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SOURCE Westbridge Energy Corporation