Westbridge Renewable Energy Corp Stock Price, News & Analysis

Westbridge Renewable Energy Corporation (TSXV: WEB, OTCQX: WEGYF) applauds the Canadian Federal Government's Budget 2023, which emphasizes clean energy and net-zero goals. The budget allocates $20.9 billion for Investment Tax Credits to support green technologies, including solar and wind energy. Highlights include a 30% refundable tax credit for solar projects available from March 28, 2023 to 2034, and a commitment to transition the national electricity grid to net-zero by 2035. CEO Stefano Romanin noted Canada requires $150 billion to achieve its 2050 emissions targets. Westbridge aims to leverage these initiatives to bolster its growth in Alberta.

Westbridge Renewable Energy Corporation (TSXV: WEB, OTCQX: WEGYF) announced the granting of stock options for 3,255,000 common shares to management, directors, and consultants, including 1,905,000 to directors and officers. The options, priced at $0.75 per share, expire in five years and vest in tranches. Additionally, 625,000 restricted share units (RSUs) were awarded, with 525,000 to directors and officers, contingent on certain vesting conditions. This initiative aims to align the interests of stakeholders and enhance long-term performance in renewable energy projects across Canada, the U.S., and the UK.

Westbridge Renewable Energy Corporation has announced the addition of the Red Willow Project in Alberta, Canada, to its portfolio. The project aims for a capacity of 295 MWp in solar photovoltaic and 100 MW/200 MWh of Battery Energy Storage System (BESS). It is currently in Stage 2 of the Alberta Electric System Operator interconnection process, with environmental studies submitted for regulatory approval. With this addition, Westbridge's total portfolio now exceeds 1,674 MWp of solar power and 1,306 MWh of battery storage capacity, demonstrating the company’s commitment to expanding its renewable energy assets.

Westbridge Renewable Energy Corporation has announced a significant expansion of its Sunnynook Project in Alberta, Canada, increasing the solar PV capacity from 236MWp to 330MWp. This expansion is expected to provide carbon-free electricity to up to 62,000 households and enhance the project's market value. The project has reached Stage 3 of the AESO interconnection process, and an application for construction approval will be submitted to the AUC in Q1 2023. Westbridge's total capacity pipeline now stands at 1,379MWp Solar PV and 553MW / 1,106MWh BESS.

Leyline Renewable Capital has successfully closed its first international loan with Westbridge Renewable Energy Corp. to fund a 278 MW solar project in southern Alberta. The loan, valued at up to $4.83 million CAD, will assist in meeting security deposit requirements for the Georgetown Solar project. Leyline's CEO emphasized the partnership as a pivotal step into new markets, supporting the shift from fossil fuels to renewable sources in Alberta, which is traditionally reliant on non-renewable energy.

Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) has secured financing of CAD$4,830,000 through a loan agreement to fund its Georgetown Solar + Energy Storage project. This loan, provided by Leyline Renewable Capital, features a 12% interest rate and matures in 12 months, ensuring continued progress on the project. The Georgetown project has recently obtained necessary approvals from the Alberta Utilities Commission, which positions the company favorably in the renewable energy market.

Westbridge Renewable Energy Corp. is now trading on the OTCQX Best Market under the symbol WEGYF, having graduated from the OTCQB Venture Market. This move aims to enhance visibility and accessibility for U.S. investors. The company's common shares also trade on the TSX Venture Exchange and Frankfurt. Recently, Westbridge received final approval for its Georgetown solar project, expected to begin monetization in Q1 2023. The company has expanded its project portfolio significantly in Alberta and is focusing on growth in the U.S. renewable energy market.