Solar Energy names, including Westbridge Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), Enphase Energy (NASDAQ: ENPH), First Solar (NASDAQ: FSLR), Sunrun Inc. (NASDAQ: RUN) and SolarEdge Technologies (NASDAQ: SEDG) are seeing a good deal of attention. For one, there’s speculation that a potential Kamala Harris election win would be a positive for the industry. Two, we’re just starting to see explosive electricity demand from U.S. data centers that are helping fuel the artificial intelligence boom.
“While all types of power sources could benefit from the increased demand, renewable energy systems such as wind and solar power can help tech companies meet their power needs while also making progress towards sustainability goals,” added GlobaXETFs.com.
“Not only is the number of data centers rising, but they’re also getting bigger and requiring more power. On its Q1 2024 earnings call, Virginia-based utility Dominion Energy reported that requests for energy demand from proposed data center campuses range from 300 megawatts (MW) up to several gigawatts (GW),” they added.
Look at Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), For Example
Westbridge Renewable Energy Corp. just announced that it has closed the sale of its 75% owned, Special Area 2, Alberta solar power plant project with a capacity of up to 332MWp, to a subsidiary of METLEN Energy & Metals, (RIC: MYTr.AT) (Bloomberg: MYTIL.GA) (ADR: MYTHY US) as announced on June 1st, 2023 and June 5th, 2023.
Transaction Details
The Transaction was completed by way of the sale of all the issued and outstanding shares of Sunnynook Solar Energy Inc. Westbridge satisfied the conditions for the Transaction, including regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the Project to the Alberta Interconnected Electric System, and for the TSX Venture Exchange. The Company received C$41,440,385 at closing of the Transaction. METLEN paid approximately 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the Project reaches commercial operations.
In connection with closing of the Transaction, Westbridge repaid in full C$18,405,650 from the proceeds of the Transaction, owing under its loan facilities secured by the Project and the shares of Sunnynook, provided by certain lending entities established by Leyline Renewable Capital, LLC, and the security registered in respect thereof has been discharged.
Westbridge continues to retain ownership and is continuing to advance the projects of the three other wholly-owned Alberta subsidiaries which are also subject to the previously announced share purchase agreements with METLEN. The sale of the shares of each SPV is not conditional on the sale of the shares of any other of the SPVs. Accordingly, each individual closing is expected to occur as soon as the conditions to satisfy the purchase and sale of the shares of the relevant SPV are met or waived, including regulatory approvals from the AUC and TSXV.
Stefano Romanin, CEO and Director of Westbridge Renewable commented, “We are delighted to announce the closing of the Sunnynook Project. This marks another significant milestone for Westbridge; it is our second utility-scale project monetized in the last 12 months, and it is also our second project advanced to ‘ready-to-build’ in Alberta. We have strong momentum in the 3 further projects committed for sale to METLEN and recently received AUC approval for the 300MW Dolcy Solar Project” see press release dated Sept 17, 2024.
The Sunnynook project will be built by METLEN and, when completed, is expected to produce enough clean energy to power more than 50,000 Alberta homes. We applaud METLEN for its strategic vision and significant investment in the Province of Alberta. In addition to the success in Alberta, we are seeing exceptional growth across our wider project portfolio in the US and other key markets.”
Luis Laguna, Regional Managing Director, North America – METLEN Energy & Metals, stated: “We are excited to take this important step with the closing of the Sunnynook Project, marking a significant milestone for METLEN in the Canadian market. This project aligns with our strategic goal to expand our renewable energy footprint across North America and reinforces our commitment to delivering sustainable, clean energy. We look forward to continued success with Westbridge and to building on our strong momentum in the sector.
Other related developments from around the markets include:
Enphase Energy a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced financial results for the third quarter of 2024. The company reported quarterly revenue of $380.9 million in the third quarter of 2024, along with 48.1% for non-GAAP gross margin. It also shipped 1,731,768 microinverters, or approximately 730.0 megawatts DC, and 172.9 megawatt hours of IQ® Batteries.
First Solar announced financial results for the third quarter ended September 30, 2024.Net sales for the third quarter were $0.9 billion, a decrease of $0.1 billion from the prior quarter. The decrease was primarily driven by a decrease in the volume of MW sold and a product warranty reserve charge, partially offset by termination payments from certain customers in the U.S. and India. The Company reported third quarter net income per diluted share of $2.91, compared to net income per diluted share of $3.25 in the second quarter of 2024.
SolarEdge Technologies, a global leader in smart energy technology, welcomes the U.S. Department of the Treasury’s release of final rules for the Advanced Manufacturing Production Tax Credit. Section 45X supports the Company’s rapid expansion of U.S. manufacturing capabilities, with two facilities now operational and producing inverters and power optimizers. The rule positively impacts SolarEdge’s U.S. operations, with the Company now manufacturing from two U.S. based facilities. The facility in Austin, Texas reached a quarterly manufacturing run rate of 50,000 residential Home Hub Inverters in Q2 2024 and has continued to ramp up production throughout the year. The Tampa, Florida facility began shipping Domestic Content Power Optimizers in Q2 2024 and is expected to reach a production capacity of approximately 2 million per quarter in Q1 2025. The facility is adding commercial inverter and Power Optimizer production starting in Q1 2025.
Sunrun, the nation’s leading provider of clean energy as a subscription service, and Orange and Rockland Utilities, Inc. (O&R), a wholly owned subsidiary of Consolidated Edison, Inc. (NYSE: ED), one of the nation’s largest investor-owned energy companies, have successfully activated New York’s largest residential power plant using more than 300 solar-plus-storage systems. During dozens of peak electricity demand events this summer, the home batteries supplied stored solar energy to help stabilize the electric grid. The Sunrun-managed power plant was initiated by O&R and approved as a demonstration project by the New York State Public Service Commission. The year-round program supports New York’s transition to clean and reliable energy and helps the state reach its nation-leading storage and electrification goals.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Westbridge Renewable Energy Corp. by Westbridge Renewable Energy Corp. We own ZERO shares of Westbridge Renewable Energy Corp. Please click here for full disclaimer.
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