Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") is pleased to announce that its wholly-owned subsidiary, Dolcy Solar Inc. ("Dolcy"), has obtained Power Plant and Battery Energy Storage System ("BESS") Approval (Decision 28723-D01-2024) and a Substation Permit and License for the Dolcy 1148S Substation (the "Substation") (Decision 28723-D03-2024) from the Alberta Utilities Commission (the "AUC") for its project, Dolcy Solar + Energy Storage (the "Dolcy Project" or the "Project").
The Dolcy Project is the third Westbridge project to receive power plant and BESS approval from the AUC, and is part of a portfolio of several utility-scale solar projects being developed in Alberta. The approvals allow Dolcy to construct and operate the Project, located in the Municipal District of Wainwright, Alberta.
The Project is a multi-system solution combining a solar power plant with an approved capacity up to 300 MWac, alongside battery storage (BESS) with capacity up to 200 MWh and the Substation. Approval is granted subject to provisions by the Hydro and Electric Energy Act and the Alberta Utilities Commission Act. It is anticipated that interconnection approvals will be filed in Q1 2025 to the AUC.
Maggie McKenna, Director and COO, commented, "We are pleased to announce the successful AUC approval for our Dolcy project, which, once operational, is expected to power more than 72,000 Alberta homes. This marks another significant achievement for Westbridge in furtherance of our commitment to energy transition by making reliable, low-cost renewable energy available to Albertans.
This approval represents a positive step forward for solar energy in the region, recognizing the benefits of combined land-use through agrivoltaics to deliver a compelling mix of clean energy, agricultural productivity and job creation.
This achievement, combined with the previously announced approvals for Georgetown Solar and Sunnynook Solar, further demonstrates Westbridge's ability to consistently select and deliver utility scale renewable projects. The proven Westbridge business model is delivering strong momentum across our international portfolio, which now encompasses more than 18 projects in four countries. We are excited about the future as we continue to grow and expand our footprint."
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, originating 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.
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Forward-Looking Statements
Certain information set forth in this document contains forward-looking information and statements including, without limitation, the construction and operation of the Project, filing of subsequent reports, application to the AUC for interconnectionand 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 construction and operation of the Project, filing of applications to the AUC for interconnection will be completed as planned or at all. 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 the pandemics, changes in laws, market risks, operating history, competition, geopolitical risks, 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.
