Stay informed with the latest from Westbridge Renewable’s corporate update

By Oliver Townsend Jul 8, 2024
Westbridge Renewable Provides Corporate Update.jpegOrginal image from:

Westbridge Renewable Energy Corporation, a leading player in the renewable energy sector, has recently provided a corporate update to its shareholders. The company has achieved significant milestones, including the sale of the Georgetown project, which brought in over $40 million in non-dilutive cash. This sale has positioned the company to expand its project pipeline globally and return capital to its shareholders. With notable recognitions like being named in the TSX Venture 50 ranking and reaching the #1 spot in the Clean Tech & Life Sciences sector, Westbridge has demonstrated consistent growth and success.

Return of Capital

As part of its corporate update, Westbridge announced a cash distribution of C$0.10 per share to its common shareholders, classified as a return of capital. This move aims to reward shareholders for their support and involvement with the company. Additionally, Westbridge initiated a share repurchase program, further demonstrating its commitment to creating value for its investors.

Portfolio Update

Westbridge provided an update on its solar PV and BESS projects across different geographies, including Canada, the U.S., the UK, and Europe. Projects like Sunnynook, Dolcy, Eastervale, and Red Willow in Canada, Accalia Point in the USA, and Fiskerton, Gierre Solare, and NM Solare in Europe are progressing well. The company has also secured land rights and completed feasibility assessments for upcoming projects, showcasing its commitment to expanding its renewable energy portfolio.

Market Update

Despite macroeconomic challenges, the clean energy sector continues to show promising signs. Interest rates and financing costs are stabilizing, supply chains are normalizing, and regulatory uncertainties are easing. The growing demand for clean power, driven by factors like AI/data centers and corporate sustainability commitments, presents significant opportunities for renewable energy developers. Westbridge remains optimistic about the market environment and the future of clean energy.

About Westbridge Renewable Energy

Westbridge Renewable Energy Corp. focuses on developing utility-scale solar PV projects in key jurisdictions like Canada, the U.S., and the UK. With a track record of successful project development and a commitment to sustainability, Westbridge aims to deliver long-term returns for investors while contributing to the global transition to renewable energy. By engaging with regulators, corporate buyers, and landowners, Westbridge plays a vital role in delivering clean and sustainable electricity to consumers.

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