Westbridge bags debt for 230-MW solar-plus-storage project in Alberta
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Canadian solar developer Westbridge Renewable Energy Corp (CVE:WEB) has secured debt to back a grid-connection funding requirement for its flagship 230-MW solar-plus-storage facility in Alberta.
The loan of up to CAD 4.8 million (USD 3.5m/EUR 3.3m) was extended by Leyline Renewable Capital to the developer’s subsidiary Georgetown Solar Inc, the parent company said on Wednesday. The fresh funds will be allocated to cover the Alberta Electric System Operator (AESO) contribution requirement for the project’s connection to the grid.
The debt facility is secured by a first priority security interest against the assets of Georgetown and matures in 12 months. The annual interest is set at 12%.
The Georgetown project calls for the construction of a solar park with a direct current (DC) capacity of up to 278 MWp and a battery energy storage system (BESS) of up to 100 MW/200 MWh. The capacity is planned to be installed near Mossleigh in Vulcan County.
The scheme was given the thumbs up by the Alberta Utilities Commission (AUC) in November.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.