TORONTO, Nov. 30, 2022 /CNW/ - Westbridge Renewable Energy Corp. ("Westbridge", "Westbridge Renewable" or the "Company") (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ), is pleased to announce that its common shares are now trading on the OTCQX® Best Market under the symbol "WEGYF", having graduated from the OTCQB® Venture Market. Westbridge Renewable's common shares continue to trade on the TSX Venture Exchange under the symbol "WEB" and on Frankfurt under the symbol "PUQ".
The OTCQX® Best Market is the highest market tier of OTC Markets on which 10,000 U.S. and global securities trade. Trading on OTCQX will enhance the visibility and accessibility of the Company to U.S. investors. To qualify for OTCQX, companies must meet higher financial standards, follow best practices of corporate governance and demonstrate compliance with applicable securities laws. Westbridge common shares are eligible for electronic clearing and settlement in the United States through the Depository Trust Company ("DTC"). Trading through DTC allows for cost-effective clearing and guaranteed settlement, simplifying and accelerating the settlement process of daily trades. U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Scott M. Kelly, Executive Chair, commented, "We are pleased to have grown the Company to the stage of qualifying for graduation to the OTCQX Best Market, providing increased access and liquidity to existing and new U.S. investors, further enhanced by the Company's DTC eligibility. The graduation comes at an important time for our company, as we recently received final approval from the Alberta Utility Commission for our Georgetown project, now ready for monetization in Q1/2023. After more than quadrupling our development portfolio in Alberta since our TSXV listing, we are now focused on growth in the booming U.S. market for solar PV. In addition, the recent passing of the Inflation Reduction Act gives us increased confidence in the opportunity for expanding our portfolio in the U.S."
Westbridge Renewable Current Project Portfolio
The Company is developing four solar PV and battery energy storage system projects in Canada, one solar PV project in the United States, and one standalone battery energy storage system project in the United Kingdom. Georgetown, Sunnynook, Dolcy and Eastervale assets compose Westbridge Renewable's Canadian portfolio, located in southern and central Alberta, with a total Solar PV capacity of 1,064MWp and BESS of 500MW / 1GWh. The Company is progressing on the development of the projects and expects them to be shovel-ready between 2023 and 2025. Accalia Point represents the Company's entrance into the U.S. market and consists of a Solar PV development with a capacity of 221MWp, located in Cameron County, Texas. In the United Kingdom, the Company is developing one standalone battery energy storage system project with a capacity of 53MW / 106MWh.
Portfolio – November 30, 2022
100 MW / 200 MWh
Stage 3 AESO
100 MW / 200 MWh
Stage 3 AESO
100 MW / 200 MWh
Stage 2 AESO
53 MW / 106 MWh
200 MW / 400 MWh
Stage 2 AESO
553 MW / 1,106 MWh
The capacity of the projects may change during the development (increasing or decreasing) due to grid connection and environmental constraints.
The BESS capacity has been updated for the entire portfolio to add the MWh capacity, considering 2h battery will be used.
About Westbridge Renewable
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 Renewable 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 Renewable provides its 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 Renewable brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.
On behalf of the Board of Directors,
Scott M. Kelly
Executive Chair & Director
Momentum IR Corp.
+1 416 998-4714
+1 416 888-4219
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company.
This news release contains forward-looking statements about the Company's current project portfolio and development, if at all, and the ability of the Company to achieve the aforementioned, the anticipated installed capacity and total capacity of the Company's projects, each of which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive, regulatory, policy and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's annual management's discussion and analysis dated March 29, 2022 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.
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SOURCE Westbridge Energy Corporation
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