Westbridge Announces Definitive Agreement for the Sale of Red Willow Solar Project and Highlights Improving Market Fundamentals in Alberta and Growing AI-Driven Demand Across North America

Rhea-AI Summary

Westbridge Renewable Energy (OTCQX: WEGYF) signed a definitive share purchase agreement on August 27, 2026 to sell all shares of its subsidiary Red Willow Solar, owner of the advanced-stage Red Willow solar-plus-storage project in Alberta. The project is approved by the Alberta Utilities Commission and holds an AESO interconnection position.

According to Westbridge, potential consideration totals up to CAD $26.725 million, including CAD $10.5 million cash at closing, reimbursement or replacement of a CAD $4.725 million GUOC, CAD $4.5 million on battery storage commercial operation, and about CAD $7 million tied to solar capacity at commercial operation. Closing is subject to customary regulatory and other conditions. The company highlights improving Alberta carbon-price visibility under the Canada-Alberta TIER framework, rising large-load and data-centre demand, and its broader Canadian and U.S. solar-plus-storage and data-centre oriented development pipeline.

Positive

• Potential transaction value up to CAD $26.725m, including milestones tied to commercial operation
• CAD $10.5m cash at closing plus CAD $4.725m GUOC reimbursement or replacement improves near-term liquidity
• Red Willow approvals and interconnection position support monetization of an advanced-stage asset
• Diversified Alberta pipeline including multiple 300 MW-class solar and 350 MWac of standalone storage
• U.S. portfolio aligned with AI-driven demand through solar-plus-storage and data-centre development projects

Negative

• Portion of CAD $26.725m consideration is contingent on future commercial operation milestones
• Transaction closing remains subject to regulatory approvals and other customary conditions

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LUXEMBOURG, Aug. 28, 2026 /PRNewswire/ -- Westbridge Renewable Energy S.A. (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge" or the "Company") is pleased to announce that it has entered into a definitive share purchase agreement dated August 27, 2026 (the "Agreement") for the sale of its Red Willow solar-plus-storage project in Alberta (the "Transaction"), through the sale of all of the issued and outstanding shares of its wholly-owned subsidiary, Red Willow Solar Inc. ("Red Willow").

Summary of key terms

Red Willow is an advanced-stage, utility scale solar-plus-storage project comprising a solar power plant of up to 225 MWac and a proposed 100 MW battery energy storage system, located in Stettler County No. 6 in central Alberta. The project's power plant and battery energy storage system have received power plant and substation approvals from the Alberta Utilities Commission (AUC), and the project holds an interconnection position in the Alberta Electric System Operator (AESO) process.

Under the terms of the agreement, Westbridge will receive an upfront cash payment at closing, together with additional milestone payments. The total receivables should reach CAD $26.725m, if all the conditions in the agreement are met, comprising the following milestone payments:

• At closing, CAD $10,500,000 in cash, plus reimbursement or replacement of the GUOC amount equal to CAD $4,725,000;
• CAD $4,500,000 payable on the commercial operation date of the battery energy storage system; and
• An additional payment equal to CAD $25,000 per MWdc payable on the commercial operation date of the solar photovoltaic system, currently estimated at approximately CAD $7,000,000.

The transaction is subject to customary closing conditions, including regulatory approvals and other conditions precedent. No finder's fees are payable in connection with the Transaction, and the Transaction is an arm's length transaction.

The transaction represents another significant milestone in Westbridge's strategy of originating, developing and de-risking high-quality renewable energy and energy storage infrastructure projects while maintaining a diversified development pipeline across North America and Europe.

Stefano Romanin, Chief Executive Officer of Westbridge, commented:

"The sale of Red Willow represents another important validation of Westbridge's development and monetization strategy. Since establishing our Alberta platform, we have focused on siting projects in favorable locations with strong renewable resources, transmission access and long-term strategic value. Red Willow is an excellent example of that approach, and this transaction demonstrates continued demand for well-positioned renewable energy and energy storage assets. We remain focused on creating value by developing high-quality projects across our international portfolio."

Improving Fundamentals and greater certainty for Alberta's Renewable Energy Market under the Canada-Alberta TIER agreement

On May 15, 2026, Canada and Alberta finalized an Implementation Agreement establishing a long-term trajectory for Alberta's Technology Innovation and Emissions Reduction system through 2040.² The framework maintains a carbon price of $95 per tonne in 2026, rising to $100 per tonne in 2027, $130 per tonne by 2035 and $140 per tonne by 2040. It also introduces a regulated minimum price for carbon credits beginning at $60 per tonne in 2030 and increasing to $110 per tonne by 2040.

Potential electricity demand from large loads and data centres

At the same time, prospective large-load transmission-service requests reported by the AESO have exceeded 16 GW, compared with Alberta's current system peak of approximately 12 GW.³ If this prospective demand is ultimately developed and connected, it could contribute to firmer electricity prices and improve the economics of new generation in the province. Solar generation paired with battery storage may have a role in supplying this additional demand alongside firm generation sources. Actual outcomes will depend on regulatory decisions, connection capacity and the timing and scale of the proposed developments.

Westbridge's Alberta advantage

Westbridge is an active independent developer of utility-scale solar and battery energy storage in Alberta, with an advanced-stage portfolio in the province. Highlights include:

• Dolcy Solar + Energy Storage — up to 300 MWac of solar paired with up to 100 MW of battery storage, approved by the Alberta Utilities Commission.
• Red Willow Solar + Storage — up to 225 MWac of solar paired with up to 100 MW of battery storage, approved by the Alberta Utilities Commission.
• Eastervale Solar — up to 300 MWdc of solar, with its application submitted to the Alberta Utilities Commission and the regulatory process underway.
• 350 MWac of new stand-alone battery energy storage projects — adding more than 700 MWh of capacity, each with site control, environmental feasibility work completed and interconnection applications confirmed in the AESO cluster process.

With approved and interconnection-stage solar and storage assets in the province, Westbridge believes it is well positioned to respond when PPA demand returns, offering competitively priced, clean electricity.

The AI Infrastructure Boom Is Reshaping U.S. Power Demand

The rapid expansion of AI computing has made electricity a central constraint on how quickly the sector can grow. Renewables and solar paired with battery storage in particular are increasingly central to how AI infrastructure is powered. This shift is already visible in the market. Over the past year, hyperscalers have signed a series of large solar and battery-storage power purchase agreements (PPAs), particularly in Texas, converting AI-driven demand into contracted offtake for new renewable projects. Publicly reported examples include:⁴

• Google: a 15-year, 500 MW PPA with Linea Energy for the Duffy Solar Project in Matagorda County, Texas, pairing approximately 490 MW of solar with a 235 MW / 470 MWh battery energy storage system.
• Google: two 15-year PPAs with TotalEnergies for approximately 1 GW of new Texas solar capacity (the 805 MW Wichita and 195 MW Mustang Creek projects), with associated battery storage.
• Meta: an approximately 600 MW solar project (Clear Fork, developed with Enbridge) supplying its Texas data centres, alongside additional Texas solar contracted under a broader agreement.
• Developer-led solar-plus-storage campuses aimed at data-centre load, such as AES's approximately 2,000 MW Bellefield solar-and-storage project in California.

Westbridge's U.S. positioning

This demand is being met by a rapid acceleration in U.S. renewable deployment. The U.S. Energy Information Administration (EIA) forecasts that 2026 will be a record year for new electricity capacity, with solar and battery storage the primary drivers. Approximately 86 GW of new utility-scale generating capacity is expected to be added in 2026, the largest single-year increase since 2002. Solar is projected to lead with a record of approximately 43 GW, up roughly 60% year-over-year. Battery energy storage is projected to reach a record of approximately 24 GW, while wind is expected to more than double to approximately 12 GW. 

Solar and battery storage, the core technologies in Westbridge's development portfolio, support this build-out, reflecting their competitive cost and their ability to deliver the firm, round-the-clock power that AI and data-centre loads require. These figures are EIA forecasts and remain subject to change. ⁵

In the United States, the Company holds a strategic development portfolio, including:

• Solar-plus-storage and solar projects in Texas (Accalia) and Louisiana (Southern Prairie, Delphine).
• Data-centre development projects, including the Fontus data centre and Aster data-centre project, reflecting Westbridge's integrated approach to pairing power generation, storage and compute-ready sites.

This positions Westbridge as a developer, in the clean-power infrastructure the U.S. AI build-out requires.

Spotlight: Southern Prairie, Louisiana⁶

Among the Company's U.S. projects is Southern Prairie, a 200 MWac solar photovoltaic project paired with a 55 MW battery energy storage system in Calcasieu Parish, Louisiana. The project has secured site control, completed initial environmental studies and selected a point of interconnection. Southern Prairie is located in Louisiana, a state experiencing significant growth in industrial, manufacturing and data-centre-related electricity demand, positioning the type of low-carbon capacity the Company develops in proximity to new demand.

Stefano Romanin, CEO of Westbridge, commented:  "The defining constraint on AI is increasingly power, and the fastest way to add generation capacity in many U.S. markets is utility-scale solar paired with storage. We have spent years building a development portfolio across the United States, including in states where data-centre demand is growing quickly, and we believe that positions us to help supply the clean, reliable power this build-out needs. Southern Prairie is one example of the kind of project we develop in strategic locations."

Citations:

1. '2025 Renewables in Review', published by Canada's Business Renewables Centre, January 27, 2026.
2. 'Future of Canada's carbon markets anchored by Canada-Alberta MOU implementation agreement', Lexology and Osler Hoskin & Harcourt LLP and as published by the Prime Minister of Canada on May 15, 2026, 'Canada and Alberta strike agreement to diversify our exports, reduce emissions, and build a stronger economy.'
3. 'Alberta Faces a Surge in AI Data Centre Power Demand: AESO Responds with Phased Connection Plan', McCarthy Tétrault LLP, June 6, 2025.
4. The companies and projects referenced in this section — including Google, Meta, Linea Energy, TotalEnergies, Enbridge and AES — are independent third parties. The power purchase agreements and transactions described are based on publicly available information and are cited solely as illustrative market examples. Westbridge has no relationship, agreement, arrangement or affiliation with any of these parties, and nothing herein should be read to imply any such relationship or any Westbridge offtake or revenue.
5. U.S. Energy Information Administration, 'New U.S. electric generating capacity expected to reach a record high in 2026', Feb 20, 2026.
6. The Southern Prairie project is an independent Westbridge development. Its location in Louisiana is referenced only in the context of regional electricity-demand trends. As of the date of this commentary, neither Westbridge nor the Southern Prairie project has any relationship, agreement, arrangement or affiliation with Meta Platforms, Inc. or any of its data-centre projects.

About Westbridge Renewable Energy S.A.

Westbridge Renewable Energy S.A. (TSXV: WEB; OTCQX: WEGYF; FRA: PUQ) is a development-stage developer of utility-scale renewable energy infrastructure, including solar photovoltaic generation and battery energy storage systems, with a project portfolio across North America and Europe. The Company originates, develops and monetizes clean-power projects through their development lifecycle.

www.westbridge.energy  |  Twitter  |  LinkedIn

Third-Party Information

References to third parties and their projects or data — including Meta Platforms, Inc., Entergy, Google, Linea Energy, TotalEnergies, Enbridge, AES and demand and capacity estimates attributed to the International Energy Agency, Janus Henderson Investors, Goldman Sachs Research, McCarthy Tétrault LLP, Lexology, Osler Hoskin & Harcourt LLP and the U.S. Energy Information Administration — are drawn from publicly available information, are provided for illustrative market context only, and do not imply any relationship with, endorsement by, or commercial arrangement with those parties. As of the date of this news release, Westbridge has no relationship, agreement, arrangement or affiliation with Meta Platforms, Inc., and its Louisiana projects are independent of, and unrelated to, any Meta data-centre project.

Forward-Looking Statements

Certain information in this news release contains "forward-looking information" and "forward-looking statements" within the meaning of applicable Canadian securities laws, including, without limitation, statements regarding the completion of the Transaction and the satisfaction of its closing conditions and the timing thereof; the receipt and amount of the base purchase price and any contingent additional solar payment; the future development, permitting, construction and commercial operation of the Red Willow project; potential improvement in Alberta's renewable energy market and the impact of the Canada–Alberta TIER agreement and carbon-pricing framework; expected large-load, data-centre and AI-driven electricity demand and its potential effect on wholesale power prices; projected U.S. renewable capacity additions; potential future PPA demand; and the Company's development portfolio and its potential to support or benefit from these trends. Forward-looking statements are frequently identified by words such as "anticipate," "believe," "expect," "intend," "estimate," "potential," "positioned," "may," "could" and similar expressions.

Such statements are based on assumptions, including that the closing conditions to the Transaction will be satisfied; that announced agreements and regulations will be implemented as described; that forecast demand and capacity additions will materialize; and that the Company's projects will advance through permitting, interconnection, financing and construction on anticipated terms and timelines. Actual results may differ materially due to risks and uncertainties, including the failure to satisfy closing conditions or obtain required regulatory or stock exchange approvals; regulatory and policy changes; wholesale electricity price volatility; permitting, interconnection and construction risk; availability and cost of financing; and the other risk factors described in the Company's continuous disclosure filings available under its profile on SEDAR+ at www.sedarplus.ca. Statements regarding AI and data-centre demand describe market conditions and infrastructure the Company develops and should not be read to imply any signed hyperscaler or data-centre offtake, AI-related revenue, or contracted capability that has not been separately announced. There can be no assurance that the Transaction will be completed on the terms described, or at all, or that anticipated market developments will occur. The forward-looking statements in this news release are made as of the date hereof, and the Company undertakes no obligation to update them except as required by law.

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.

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SOURCE Westbridge Renewable Energy S.A.

FAQ

What did Westbridge Renewable Energy (WEGYF) announce about the Red Willow solar project on August 28, 2026?

Westbridge announced a definitive agreement to sell its Red Willow solar-plus-storage project via a share sale of Red Willow Solar. According to Westbridge, the advanced Alberta project is approved by the Alberta Utilities Commission and holds an interconnection position with the Alberta Electric System Operator.

How much is Westbridge Renewable Energy (WEGYF) expected to receive from the Red Willow sale?

Westbridge could receive up to CAD $26.725 million in total consideration if all conditions are met. According to Westbridge, this includes CAD $10.5 million at closing, CAD $4.725 million GUOC reimbursement or replacement, CAD $4.5 million on storage COD, and about CAD $7 million tied to solar capacity.

What are the key payment milestones in the Red Willow transaction for Westbridge (WEGYF)?

Key payments include CAD $10.5 million cash at closing, plus GUOC reimbursement or replacement of CAD $4.725 million. According to Westbridge, later milestones are CAD $4.5 million at battery storage commercial operation and CAD $25,000 per MWdc at solar commercial operation, currently estimated near CAD $7 million.

What closing conditions apply to the Red Willow project sale announced by Westbridge (WEGYF)?

The Red Willow sale is subject to customary closing conditions, including regulatory approvals and other conditions precedent. According to Westbridge, no finder’s fees are payable and the transaction is characterized as an arm’s length deal, with completion timing dependent on satisfying these requirements.

How does the Red Willow sale fit Westbridge Renewable Energy’s (WEGYF) strategy?

The sale aligns with Westbridge’s strategy of originating, developing and de-risking utility-scale renewable projects, then monetizing them. According to Westbridge, Red Willow illustrates its focus on well-sited solar-plus-storage assets while it maintains a diversified development pipeline across Alberta, the United States and Europe.

What other Alberta projects does Westbridge (WEGYF) have after the Red Willow transaction?

Westbridge retains several Alberta developments, including Dolcy Solar + Energy Storage and Eastervale Solar. According to Westbridge, it also has about 350 MWac of standalone battery projects with more than 700 MWh capacity, all at various advanced regulatory and interconnection stages in the province.

How is Westbridge Renewable Energy (WEGYF) positioned for AI-driven power demand in the United States?

Westbridge reports U.S. projects including Texas and Louisiana solar-plus-storage and data-centre developments. According to Westbridge, assets like the Southern Prairie project and data-centre sites such as Fontus and Aster align its portfolio with growing AI and data-centre electricity demand trends.