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  • Westbridge Energy (WEB) enters the U.S. with the acquisition of a 221 MWp solar project in Texas
  • The project has secured site control in the form of long-term solar leases covering approximately 1120 acres of primarily cultivated farmland
  • Westbridge anticipates completing the development of Accalia Point Solar and expects to have obtained all necessary permits
  • Over the next 12 to 18 months, US$442,000 will be paid based on certain development milestones 
  • As part of the transaction, WEB will also enter into a Development Services Agreement with Aelius Solar Corp
  •  Westbridge Energy Corporation (WEB) is up 17. 50 per cent, trading at C$0.24 at 11:35 am ET

 Westbridge Energy Corporation (WEB) has acquired a 221 MWp solar development project known as Accalia Point Solar located in Cameron County, Texas, U.S.  from Aelius Solar Corp.

The project assets are owned by Accalia Point Solar, LLC. Westbridge acquired 100 per cent of the issued and outstanding membership interests of the company under a Membership Interest Purchase Agreement.

The project has secured site control in the form of long-term solar leases covering approximately 1120 acres of primarily cultivated farmland, has kicked off interconnection studies and has completed preliminary environmental analyses.

Westbridge anticipates completing the development of Accalia Point Solar and expects to have obtained all necessary permits and be ready to execute an interconnection agreement in Q1 2023.

“We are now in the attractive markets of Alberta, Canada and Texas, USA. Both locations have exceptional solar irradiation and openly competitive wholesale energy markets, making them ideal candidates for renewable energy generation projects,” said Stefano Romanin, CEO of Westbridge.

“We are excited to work with Westbridge and looking forward to building success and developing a strong and successful relationship between our two groups,” added Daven Mehta, CEO of Aelius Solar Corp.

In terms of the MIPA, the total consideration payable on closing is USD $576,000 and milestone payments payable as follows: USD $442,000 based on certain development milestones over the next 12 to 18 months; USD $446,500 on signing of interconnection agreement and USD $10,000 per MWp installed capacity on the final sale of the Project.

As part of the transaction, WEB will also enter into a Development Services Agreement with Aelius Solar Corp. under which Aelius will receive US$20,000/month to provide development services to the project.

Westbridge Energy Corp is a renewable energy company focused on originating and exiting utility-scale Solar PV projects that use energy storage and enabling technologies (Intelligent ESG).

Westbridge Energy Corporation (WEB) is up 17. 50 per cent, trading at C$0.24 at 11:35 am ET.

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