Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) ("Westbridge", "Westbridge Renewable" or the "Company") 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.
About Westbridge Renewable Energy
Westbridge Renewable Energy Corp. develops best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada, the U.S., and the UK. 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 permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded 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.
About Leyline Renewable Capital
Leyline Renewable Capital invests in the development of utility scale renewable energy projects. Backed by a team of seasoned investors with deep experience in the renewable industry, Leyline provides financing that supports early-stage development through construction. By investing in the early stages of renewable energy projects, Leyline accelerates the development process and helps developers scale quickly without taking dilution. Leyline leverages a broad base of experience in greenfield project development, design, construction, and finance with an extensive network of relationships with industry leaders to provide support and capital for projects from concept to commercial operation.
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