Westbridge Renewable Energy Corporation is pleased to announce that it has secured financing to fund its Alberta Electric System Operator ("AESO") contribution requirement for its pipeline of projects in Alberta under development by its subsidiaries: Georgetown Solar Inc., Sunnynook Solar Energy Inc., Dolcy Solar Inc., Eastervale Solar Inc., and Red Willow Solar Inc. (the "Projects") and to fund development of the Projects and further origination of solar energy and battery energy storage system projects.
Pursuant to a loan agreement (the "Loan Agreement") dated May 30, 2023, between Westbridge Renewable Energy Holdco Corp. (a wholly-owned subsidiary of the Company), as borrower (the "Holdco Borrower"), and LRC Westbridge II Investco, LLC (a lending entity established by Leyline Renewable Capital, LLC), as lender, the Holdco Borrower may borrow up to a maximum of the U.S. dollar equivalent of CAD$30,450,000 (the "Loan"). The Loan can be used to post Generating Unit Owners Contribution ("GUOC") security payments for the Projects.
In addition, the Company and LRC Westbridge III, Investco, LLC (a lending entity established by Leyline Renewable Capital, LLC) have also entered in a separate loan agreement on May 30, 2023, to borrow up to a maximum of the US$4,900,000 (the "Development Loan") that can be used to progress the development of the Projects and support the origination and expansion of its pipeline.
Westbridge Renewable CEO Stefano Romanin commented, "We are thrilled to expand our successful partnership with Leyline Renewable Capital, a trusted and leading provider of debt for renewable energy development. Securing these loans bolsters our financial foundation to support our portfolio of Alberta projects. The Leyline team brings deep experience and expertise in renewable investing, and we are confident that this collaboration will drive our mission of sustainable energy forward. This transaction not only strengthens our cooperation with Leyline but also propels us towards a brighter and greener future".
Leyline Senior Managing Director Joshua Schaff commented, "We are delighted to expand our relationship with Westbridge, a dedicated, nimble, and sophisticated developer that is making a real difference in the renewable energy sector."
The Loan is secured by a first priority security interest against the Projects, the Loan and Development Loan (together, the "Loan Agreements") matures 18 months from the date of the Loan Agreements. The Development Loan will have a second ranking security over the Projects.