Westbridge Energy U.S., a wholly-owned subsidiary of the Vancouver-based Westbridge Energy Corporation, announced this Thursday it closed the acquisition of a 221-megawatts solar development project known as Accalia Point Solar, in Cameron County, Texas.
Firstly, Westbridge acquired the project asset from Aelius Solar Corp. The transaction involved 100% of the issued and outstanding membership interests. Westbridge acquired the asset under a Membership Interest Purchase Agreement (MIPA).
Moreover, the project is in the development stage. Currently, the Accalia Point Solar project has full control of the site on which it will be built. It covers approximately 1120 acres of primarily cultivated farmland. In addition, interconnection studies and environmental analyses have already begun.
According to the statement, Westbridge might be completing the development phase and preparing to execute interconnection by Q1 2023. The company is committing up to $2,500,000 for the project. Such an amount would include acquisition and developments costs, as well as the signing of the interconnection agreement.
Furthermore, as part of the transaction, Aelius Solar will support Westbridge Energy with further development activities through a Development Services Agreement. Indeed, the MIPA and the DSA agreement contemplate bonus adjustments payable upon the achievement of certain milestones.
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Westbridge energy growing its presence in the U.S.
On the other hand, the acquisition of the project in Texas, marks a true milestone for the Canadian company; it also begins a period of growth in several markets of North America. Stefano Romanin, CEO of Westbridge, said about the matter. “The acquisition represents an important milestone for Westbridge Energy Corp, significantly expanding its megawatts under development and entry into the U.S.”
He also remarked. “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.”
Furthermore, about the involvement of Aelius during development, the CEO explained. “In our discussions with Aelius we found similar interests and a spirit of continuing project development.” Consequently, he said, the company “will provide development services to the project, making it attractive to hand off to the next stage of investment and completing the connection to the grid.”
Finally, Daven Mehta, CEO of Aelius Solar Corp., noted. “We are excited about collaborating with Westbridge and looking forward to building success and developing a strong and successful relationship between our two groups.”
