Leyline Renewable Capital Realizes Investment in Westbridge Renewable Energy Solar Project

Rhea-AI Summary

Leyline Renewable Capital has successfully realized its investment in Sunnynook Solar Energy through Westbridge Renewable Energy Corp (TSXV: WEB, OTCQX: WEGYF). The transaction involves Westbridge's sale of its 75% owned 332MWp solar power plant project in Alberta to METLEN Energy & Metals. As part of the closing, Westbridge fully repaid C$18,405,650 owed under loan facilities provided by Leyline-established lending entities. The loan supported interconnection deposits for this large-scale project, which will contribute energy capacity to the Alberta region.

Positive

• Full repayment of C$18,405,650 loan from project sale proceeds
• Successful exit from 332MWp solar power plant investment
• 75% ownership stake successfully monetized through sale to METLEN Energy & Metals

Negative

• Divestment of significant renewable energy asset reduces company's power generation portfolio

DURHAM, N.C., Nov. 19, 2024 /PRNewswire/ -- Leyline Renewable Capital (Leyline), a leading provider of debt capital solutions for renewable energy developers, today announced that is has successfully realized its investment in Sunnynook Solar Energy Inc. with Westbridge Renewable Energy Corp. (Westbridge), a Canadian renewable energy company listed on the TSX Venture Exchange (TSXV: WEB) and the OTCQX Best Market (OTCQX: WEGYF). 

Westbridge recently announced that it completed the sale of its 75 percent owned, Special Area 2, Alberta solar power plant project with a capacity of up to 332MWp (the "Project"), to a subsidiary of METLEN Energy & Metals.

In connection with closing of the transaction, Westbridge repaid in full C$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 certain lending entities established by Leyline Renewable Capital, LLC.

Erik Lensch, CEO of Leyline, said, "Over the last three years, we have grown our partnership with Westbridge Renewable Energy as they have advanced major projects in Canada. Today we are excited to announce that we have realized our investment in connection with Westbridge's 332 MW solar project in Alberta. Leyline provided funds to support interconnection deposits for this large-scale project. We are thrilled that this solar project will soon start contributing needed energy capacity to the region."

About Leyline Renewable Capital
Leyline Renewable Capital provides flexible financing solutions for renewable energy developers. With deep industry expertise and a commitment to sustainability, Leyline invests in the pre-construction phase of projects, helping developers scale their operations and bring more renewable energy online. For more information, please visit: leylinecapital.com.

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SOURCE Leyline Renewable Capital

FAQ

How much did Westbridge Renewable Energy (WEGYF) repay to Leyline Capital?

Westbridge Renewable Energy repaid C$18,405,650 in full to Leyline Capital's lending entities from the proceeds of the Sunnynook solar project sale.

What is the capacity of the Sunnynook solar project sold by Westbridge (WEGYF)?

The Sunnynook solar power plant project in Special Area 2, Alberta has a capacity of up to 332MWp.

Who purchased Westbridge's (WEGYF) Sunnynook solar project?

A subsidiary of METLEN Energy & Metals purchased the Sunnynook solar project from Westbridge Renewable Energy.