Westbridge Renewable reports Strong Financial Results for 2024 and Strategic Update on its Project Pipeline

Rhea-AI Summary

Westbridge Renewable Energy (WEGYF) reported strong financial results for FY2024, generating $99 million in gross proceeds from project sales with $60 million profit before tax. The company repaid $35 million in debt, returned $10 million to shareholders, and maintains $37 million in cash. After the expiration of agreements with Metlen Energy for Alberta projects, Westbridge retains ownership of Dolcy, Eastervale, and Red Willow projects, representing 1.8 GW of Solar and BESS capacity. The company expanded into Ontario with three new solar projects totaling 500 MWdc. Project Dolcy received AUC approval, while Eastervale and Red Willow are being updated for resubmission. Westbridge's development portfolio now approaches 10GW across four jurisdictions, positioning it for strategic growth in North America's renewable energy sector.

Positive

• Generated $99M in gross proceeds from project sales with $60M profit before tax
• Eliminated all long-term debt by repaying $35M
• Maintains strong cash position of $37M for future growth
• Returned $10M to shareholders via capital return
• Potential additional proceeds of up to $50M from Georgetown and Sunnynook projects
• Expanded portfolio into Ontario with 500 MWdc of new solar projects
• Project Dolcy received AUC approval

Negative

• Metlen Energy agreements for Alberta projects expired, requiring new strategic partners
• Project Eastervale failed to receive AUC approval, requiring resubmission
• Red Willow project requires design updates following AUC feedback

CALGARY, AB, May 12, 2025 /PRNewswire/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company"), a leading renewable energy development company, is pleased to announce strong financial results for the fiscal year ended November 30, 2024, and to provide a strategic update regarding its project pipeline.

2024 Full Year Financial Highlights

Westbridge closed fiscal year 2024 in a robust financial position, underlining the success of its capital allocation and project monetization strategy:

• $99 million in gross cash proceeds from project sales, resulting in $60m profit before tax and after all costs and interest
• $35 million in debt repaid bringing the long-term debt to zero
• $10 million returned to shareholders via a return of capital
• $37 million in cash and cash equivalents to drive future growth (as of the date of this release)

These results reflect the monetization of key Canadian assets, including the sale of the Georgetown Solar (Dec 13^th, 2023) and Sunnynook Solar (Nov 5^th, 2024) projects.

Update on the Alberta Projects

Following the successful closings of the Georgetown and Sunnynook transactions, the previously announced definitive agreements with Metlen Energy & Metals ("Metlen", June 1^st, 2023) for the acquisition of the remaining Alberta-based projects expired on April 30^th and the Company has returned the deposits to Metlen.  

Given the changing regulatory landscape and Westbridge's strengthened financial position, the Company is pleased to retain full ownership of the Dolcy, Eastervale and Red Willow projects which represent a combined 1.8 GW of Solar and BESS in a core strategic market. The Company is now actively exploring:

• Retaining and advancing selected Alberta projects toward construction and operation,
• Engaging with new strategic partners to potentially co-invest in equity and project development.

This strategic pivot aligns with Westbridge's long-term objective of becoming a vertically integrated renewable energy company and enhances its ability to capture greater value across the development lifecycle.

"Our strong cash position and pipeline of high-quality projects allow us the flexibility to accelerate our strategy and maximize long-term value," said Scott Kelly, Chairman of Westbridge. "By maintaining optionality on our Alberta portfolio, we're positioning Westbridge to play a larger role in the energy transition."

As part of the transactions with Metlen, and subject to the achievement of certain post-closing milestones and conditions, Westbridge may receive additional cash proceeds up to $50m from the previously sold Georgetown and Sunnynook projects.

Westbridge is actively advancing the three late-stage renewable energy projects in Alberta, Canada Red Willow, Eastervale and Dolcy. Combined, these projects represent a significant addition to Canada's renewable infrastructure, focusing on large-scale solar photovoltaic (PV) and battery energy storage system (BESS) installations.

Project Dolcy received AUC approval and is now in the closing stages of development. Project Eastervale did not receive AUC approval; however, the Company is planning to resubmit in 2025 with a new and improved layout that addresses the AUC concerns. Similarly, project Red Willow design is being updated to better reflect the feedback received from the AUC in the recent proceedings.

Westbridge Expands Portfolio into Ontario

Westbridge Renewable Energy is pleased to announce the expansion of its development portfolio into a new strategic market, Ontario. This milestone reflects the Company's ongoing commitment to delivering sustainable, utility-scale solar and battery energy storage system (BESS) projects that contribute to Canada's transition toward a low-carbon economy.

"Ontario will represent an important growth market for Westbridge," said Stefano Romanin, CEO of Westbridge. "By leveraging our proven track record in project development and monetization, along with the strength of our experienced team.  We aim to quickly become a leading developer of greenfield solar PV and BESS projects in the province."

The Company has already secured three solar projects in Ontario (the "Ontario Projects"), each with site control in place, completed environmental permitting feasibility studies, and interconnection applications currently underway. Collectively, these projects will add approximately 500 MWdc of solar capacity to Westbridge's growing international development portfolio.

This expansion reinforces Westbridge's position as a key player in North America's renewable energy sector, advancing the clean energy transition through strategic growth and innovation.

Looking Ahead

With a diversified growing development portfolio approaching 10GW across four jurisdictions, Westbridge remains focused on:

• Advancing utility-scale solar and battery storage projects
• Securing power plant and interconnection approvals in Alberta and Ontario
• Growing its international pipeline in the U.S., UK, and Italy

Westbridge continues to execute its proven development model while actively evaluating opportunities for long-term ownership and operation of select assets, enhancing shareholder value through both capital appreciation and strategic capital return.

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 four key jurisdictions, Canada, the U.S., the U.K., and Italy. 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 projects. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its 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 | Twitter | LinkedIn

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, expected permitting, approvals, anticipated satisfaction of the conditions to satisfy post-closing payments for the Georgetown and Sunnynook projects and the timing thereof,  management's business strategy, 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, including development of the project pipeline or receipt of post-closing Georgetown and Sunnynook transactions. 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, risks related to general business, economic, political and social uncertainties, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's annual information form dated August 14, 2024 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 Renewable Energy Corp.

FAQ

What were Westbridge Renewable's (WEGYF) financial results for 2024?

Westbridge reported $99M in gross proceeds from project sales, $60M profit before tax, repaid $35M in debt, returned $10M to shareholders, and maintains $37M in cash.

How many megawatts of solar capacity does Westbridge have in its Alberta projects?

Westbridge's Alberta projects (Dolcy, Eastervale, and Red Willow) represent a combined 1.8 GW of Solar and BESS capacity.

What happened to Westbridge's agreement with Metlen Energy for the Alberta projects?

The definitive agreements with Metlen Energy expired on April 30th, and the Company returned the deposits, retaining full ownership of the Dolcy, Eastervale, and Red Willow projects.

What is the status of Westbridge's Ontario expansion?

Westbridge secured three solar projects in Ontario totaling 500 MWdc, with site control in place, completed environmental permitting studies, and ongoing interconnection applications.

What is the total size of Westbridge's development portfolio?

Westbridge's development portfolio approaches 10GW across four jurisdictions (Canada, U.S., UK, and Italy).